Arrivo has successfully concluded its oversubscribed Series B preferred financing round, amassing $45.25 million in committed capital. With this funding, the total capital raised by the company since its inception has reached $100 million.
The Series B financing will support the progression of Arrivo’s innovative treatments for major depressive disorder (MDD) and severe acute pancreatitis.
The funds will be allocated to advance the development of SP-624, a first-in-class treatment for MDD, through the completion of a Phase 2b/3 clinical trial. Additionally, Arrivo plans to conduct a Phase 2 Proof-of-Concept study for RABI-767, a novel treatment designed to prevent the progression of pancreatitis to severe acute pancreatitis.
SP-624 is a small molecule that selectively activates the SIRT6 enzyme, a novel epigenetic mechanism known to modulate gene expression, metabolism, and DNA repair. The Phase 2 study with SP-624 has shown promising results, suggesting potential gender-specific responses to the treatment.
RABI-767 is a small molecule inhibitor of pancreatic lipase developed for the treatment of predicted severe acute pancreatitis. In animal models, RABI-767 demonstrated efficacy in halting the cascade of fat necrosis associated with severe acute pancreatitis.
Orlando Health Ventures led the Series B financing, with participation from Solas BioVentures Emerging Healthcare Fund, L.P., Rex Health Ventures, and private investors. Bobby Helmedag, Managing Director of Orlando Health Ventures, will join Arrivo’s Board as part of the financing.
Arrivo aims to utilize the funding not only to progress clinical trials but also to explore SP-624’s potential applications in other diseases and to advance activities leading to a new drug application filing with the FDA for MDD treatment. The oversubscribed funding round reflects strong investor confidence in Arrivo’s pipeline and its potential to make a positive impact on patients’ lives.