Aardvark Therapeutics, Inc., a San Diego, CA-based clinical-stage biopharmaceutical company, raised $85m in Series C financing.
The round was led by Decheng Capital, with participation from Cormorant Asset Management, Surveyor Capital, SymBiosis, Tetragon Financial Group, Walleye Capital, Laurion Capital Management, LG Technology Ventures, Cantor Fitzgerald & Co., Silver Arc Private Capital, The Prader-Willi Syndrome Association – USA, and existing investors, including Vickers Venture Partners and the Foundation for Prader-Willi Research. As part of the investment, Decheng Capital’s Managing Director, Victor Tong, Jr., joined Aardvark’s board of Directors.
The company intends to use the proceeds from the financing to (1) complete the clinical trials required for regulatory approval of its lead asset, ARD-101, for the treatment of hyperphagia in patients with Prader-Willi Syndrome, (2) demonstrate ARD-101’s complementary mechanism of action to the current GLP-1 therapies in the treatment of obesity and (3) advance other pipeline programs.
Led by CEO Tien Lee, M.D., Aardvark Therapeutics is a clinical-stage biopharmaceutical company focused on developing novel, small-molecule therapeutics to activate innate homeostatic pathways for the treatment of metabolic diseases, inflammation, and other indications. Its lead compound, oral ARD-101, is a potent bitter taste receptor (TAS2R) pan-agonist that stimulates enteroendocrine cells of the digestive tract to release multiple gut-peptide hormones including GLP-1 and the satiety hormone Cholecystokinin (CCK), which activates gut-brain neurologic signaling to mediate hunger. ARD-101 has demonstrated an ability to reduce hunger when used alone or in combination with currently available GLP-1 therapies. Based on promising clinical data from an ongoing ARD-101 trial, the FDA has granted the drug both Orphan Drug designation and Rare Pediatric Rare Disease designation in PWS.
In August 2021, Aardvark announced its $29 million Series B preferred stock round led by Vickers Venture Partners.