SAN DIEGO, March 3, 2020 /PRNewswire/ -- Lipidio Pharmaceuticals, Inc. (Lipidio), a newly established biopharmaceutical company developing drugs to treat diseases associated with excess body fat, announced today the first close of its Series A financing to support the development of its lead therapeutic candidate GDD3898. Therapeutic areas of interest include nonalcoholic steatohepatitis (NASH), Prader Willi Syndrome (PWS), an orphan disease, and anti-psychotic drug induced weight gain (AIWG). Series A investors include the Foundation for Prader Willi Research, several family offices and high net worth individuals.
Lipidio has built an experienced team, Board of Directors, and Advisory Board that includes many world-renowned experts in metabolic disease drug development. In parallel with this close, the company also announced that Dr. Nancy Hutson has joined the Board. Dr. Hutson previously served as Senior Vice President, Pfizer Global R&D and Director of Pfizer's largest R&D site in Connecticut, serves on the Board of Directors and Advisory Board of Lipidio. While at Pfizer, she previously led the Department of Metabolic Disease which had research in diabetes, obesity, osteoporosis and cardiovascular disease, including modulating lipids and anti-hypertensives. Lipidio's Board also includes Dr. Robert Ruffolo who served as the President of Research & Development, as well as Corporate Senior Vice President, of Wyeth Pharmaceuticals (now Pfizer) prior to his retirement. Dr Ruffolo was previously Senior Vice President and Director of Biological Sciences, Worldwide, at SmithKline Beecham (now GlaxoSmithKline).
"We are pleased to complete the first portion of our Series A financing, which will enable us to transition our lead program, GDD3898, into proof-of-concept clinical studies for new indications associated with excess body fat," said J. Gordon Foulkes, Ph.D., CEO & Director of Lipidio. "We believe that we have assembled the right team, the right Board and the key scientific advisors to unlock the value in GDD3898 and look forward to advancing our development plans with the support of our new investors."
"Prader-Willi syndrome, or PWS, is a complex neurodevelopmental genetic disorder, and the most common orphan genetic cause of life-threatening childhood obesity. To further advance therapeutic development of new drugs to treat symptoms associated with PWS, the foundation for Prader-Willi Research has recently begun investing in companies, like Lipidio," commented John Walter, CEO of the Foundation for Prader-Willi Research. "We are pleased to invest in Lipidio to support the advancement of GDD3898, a promising program that aims to target the metabolic conditions associated with PWS. We look forward to working with Lipidio's team of experts toward delivering a life-changing solution to patients and their families."
The Lipidio team has deep expertise in drug development and pharma partnering with a proven track record highlighted by over 100 INDs and more than 70 transactions with pharma. The Lipidio team is led by Dr. J. Gordon Foulkes, Ph.D., CEO & Director, who previously served as the founding CEO of Excaliard Pharmaceuticals (acquired by Pfizer), Executive Chairman of Redwood Biosciences (acquired by Catalent) and Managing Director at RiverVest Ventures. Prior to those roles, he led research and development for multiple biotechnology companies, including OSI Pharmaceuticals (acquired by Astellas).
Maxim Merchant Capital, a division of Maxim Group LLC, acted as sole placement agent for the financing.
About the Foundation for Prader Willi Research (FPWR)
FPWR is composed of thousands of parents, family members, researchers, and others who are interested in addressing the many issues related to PWS, including childhood obesity, developmental delays, psychiatric disorders, and autism spectrum disorders. The mission of FPWR is to eliminate the challenges of Prader-Willi syndrome through the advancement of research and therapeutic development. FPWR supports cutting edge research studies around the world to advance the understanding of PWS, and collaborates with research institutions, pharmaceutical companies and the FDA to advance new treatments that will help those with PWS to one day lead independent lives. To date, FPWR has funded over $14 million in PWS research. For more information please visit https://www.fpwr.org/.
About Lipidio Pharmaceuticals
Lipidio Pharmaceuticals is focused on repurposing cost-effective and efficient clinical assets, ranging from large markets to orphan indications, through value-creating inflection points to enable marketing approval and/or a successful exit. Initially, Lipidio is developing drugs to treat diseases associated with excess body fat and its lead program, GDD3898, is being investigated for the treatment of nonalcoholic steatohepatitis (NASH) and Prader Willi syndrome (PWS), an orphan disease, and anti-psychotic drug induced weight gain (AIWG). Lipidio is headquartered in San Diego, CA. To learn more, please visit https://lipidiopharma.com/.
SOURCE Lipidio Pharmaceuticals, Inc.