Aardvark Therapeutics has successfully secured $85 million in Series C funding, led by Decheng Capital. This significant investment will primarily bolster the development of ARD-101, the company’s flagship asset designed to address hyperphagia in individuals with Prader-Willi Syndrome.
The financing round also aims to support the advancement of ARD-101’s potential in combating obesity, alongside propelling other critical pipeline programs within Aardvark.
The funding round witnessed participation from multiple investors, including Cormorant Asset Management, Surveyor Capital, SymBiosis, Tetragon Financial Group, Walleye Capital, Laurion Capital Management, LG Technology Ventures, Cantor Fitzgerald & Co., Silver Arc Private Capital, and The Prader-Willi Syndrome Association – USA. Additionally, existing investors such as Vickers Venture Partners and the Foundation for Prader-Willi Research reaffirmed their support for Aardvark’s mission.
With Decheng Capital leading the investment, Victor Tong, Jr., Managing Director at Decheng Capital, has joined Aardvark’s board of Directors, signaling a strengthened strategic partnership. Cantor Fitzgerald & Co. played a pivotal role as the sole placement agent for the Series C preferred stock financing, facilitating the successful closure of the funding round.
Dr. Tien Lee, CEO of Aardvark Therapeutics, expressed optimism about the potential of ARD-101, emphasizing its unique mechanism of action in addressing hunger through gut-brain signaling. Dr. Lee highlighted the promising safety and tolerability profile of ARD-101, underlining its significance in meeting the unmet medical needs of individuals with Prader-Willi Syndrome.
The ongoing support from The Foundation for Prader-Willi Research (FPWR) and PWS Association | USA (PWSA | USA) has been instrumental in advancing Aardvark’s mission to develop innovative therapies for Prader-Willi Syndrome and other metabolic disorders. Dr. Theresa Strong, Director of Research Programs at the FPWR, and Stacy Ward, CEO of PWSA | USA, expressed enthusiasm about the progress of ARD-101 and its potential to address the challenges faced by individuals with Prader-Willi Syndrome.
Decheng Capital commended Aardvark’s pioneering efforts in the field of targeted therapies, particularly their work with bitter taste receptor agonists. They expressed confidence in Aardvark’s management team and their ability to drive forward clinical programs aimed at improving outcomes for patients with Prader-Willi Syndrome and other metabolic disorders.
