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.
Read More – AllRock Bio Raises $50M in Series A Funding
“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®'”.
Read More – Ethosphere Raises $2.5M in Pre-Seed Funding
