AltrixBio Raises $5 Million Series A Financing and Appoints David Pass as CEO to Advance Lead Candidate into the Clinic

-  Current CEO and Co-founder Nancy Briefs Transitions to Executive Chair of the Board -

-  Financing and Leadership Transition Strengthen Momentum Toward First Clinical Trial of AJN 003 for Type 2 Diabetes -

LOWELL, Mass., Sept. 16, 2025 /PRNewswire/ -- AltrixBio, a biopharmaceutical company pioneering treatments for cardiometabolic diseases, announced the closing of an initial $5 million Series A financing. The funding will accelerate the clinical entry of AJN 003 (LuCI™ - Luminal Coating of the Intestine), a first-in-class oral therapy designed to transform the treatment of type 2 diabetes and metabolic diseases.

In addition, the company has appointed David Pass, PharmD, as president and chief executive officer. Dr. Pass brings decades of leadership experience across the pharmaceutical, biotech and medical device sectors with a proven record of scaling programs from concept to more than $1 billion in sales. He succeeds AltrixBio Co-founder and CEO Nancy Briefs, who successfully guided the company from inception, and will now serve as executive chair of the board.

"It is an honor to join AltrixBio at such a pivotal moment," said Dr. Pass. "I am inspired by the potential of AJN 003 both to change the way we think about the science of type 2 diabetes and metabolic disorders, and to bring the often life-changing benefits of bariatric surgery into a pill."

New investment driven by AJN 003 transformational approach

AltrixBio is developing AJN 003 (LuCI™), a once-daily oral pill that temporarily coats the stomach, duodenum and jejunum to mimic the powerful metabolic effects of bariatric surgery without the associated risks. Bariatric surgery has demonstrated rapid improvements in glucose control with diabetes remission in most patients, along with significant weight loss. Preclinical studies of AJN 003 have shown similar gut hormone and metabolic responses, while avoiding systemic drug exposure and associated safety concerns.

The Series A financing will support AltrixBio in advancing AJN 003 into human clinical studies, aiming to provide an oral therapy for type 2 diabetes, obesity and other metabolic diseases. This novel treatment approach offers an enormous global commercial opportunity.

Leadership transition marks next phase

The appointment of Dr. Pass as CEO marks a new chapter for AltrixBio as the company prepares to bring its lead candidate, AJN 003, into the clinic. Dr. Pass joins AltrixBio after successfully building and leading the Diabetes Franchise with the alliances between Eli Lilly and Boehringer Ingelheim and, most recently, serving as president of Life Sciences at Glooko.

"I am confident that David will successfully lead the company into its next era of clinical and commercial activities," said Briefs. "I am incredibly proud of what we have achieved together and am excited to continue supporting the company as executive chair of the board."

"This transition reflects our ongoing commitment to leadership excellence and long-term value creation," said Ali Tavakkoli, MD, co-founder and board member. "We are grateful to Nancy for her visionary leadership and are thrilled to welcome David as our new CEO. His expertise and passion for our mission will be instrumental as we continue to deliver on our vision of 'Surgery in a Pill®'".

About AJN003 (LuCI™)

AJN 003 (LuCI™ - Luminal Coating of the Intestine) is a once-daily oral therapy that forms a temporary barrier in the stomach, duodenum and jejunum to replicate the metabolic benefits of bariatric bypass surgery. Preclinical data show that AJN 003 alters nutrient sensing in this region of the gut, and triggers the same hormone and metabolic responses associated with bariatric surgery. AJN 003 is a small molecule with no systemic exposure, providing a novel and patent-protected approach to treating type 2 diabetes, obesity and other metabolic diseases.

About AltrixBio
Founded in 2019, AltrixBio builds on research from Jeff Karp, PhD, and Ali Tavakkoli, MD, of Mass General Brigham and Harvard Medical School. Their work was inspired by the rapid resolution of type 2 diabetes often observed in patients following bariatric surgery. They hypothesized that sucralfate, an established therapy with over 40 years of clinical use, could be modified to replicate these metabolic benefits. This research led to the development of AJN 003 (LuCI™ - Luminal Coating of the Intestine), a proprietary, bio-engineered form of sucralfate developed as a once-daily oral therapy. The AltrixBio team comprises scientists, clinicians and industry business leaders with deep scientific, operational and commercial expertise. 

Forward-Looking Statements

This press release contains forward-looking statements regarding the leadership transition and future plans of AltrixBio. Actual results may differ materially from those projected in these statements. For more information, please refer to the company's filings with the relevant securities authorities.

For further updates and information, please visit AltrixBio.com

SOURCE AltrixBio