Palladio Biosciences, Inc. (Palladio), a privately-held, clinical stage biopharmaceutical company developing medicines for orphan diseases of the kidney, announced today the completion of a $20 million Series B investment. The financing was led by new investor, Samsara BioCapital, with participation from new investor, the Roche Venture Fund and existing investors, Medicxi and Osage University Partners. Proceeds from the financing will fund Palladio’s Phase 3 ALERT Study and advance operations.
Srinivas Akkaraju M.D, Ph.D, Managing General Partner of Samsara BioCapital, stated, “We are very excited about our investment in Palladio to support the development of lixivaptan, a drug that has the potential to deliver a meaningful therapeutic advancement in the treatment of Autosomal Dominant Polycystic Kidney Disease (ADPKD). The ALERT Study is an important step in assessing the safety differential of lixivaptan.”
“We are very pleased that Samsara and the Roche Venture Fund recognize the opportunity lixivaptan represents to patients suffering from ADPKD, and we are glad to be working with these new partners to further develop this important therapy,” said Francesco De Rubertis, co-founder and Partner at Medicxi.
Alex Martin, Chief Executive Officer of Palladio, added, “We are focused on developing our lead candidate, lixivaptan, for the treatment of ADPKD, an orphan disease with a significant unmet medical need that can impact many generations of a family. This Series B financing will fund our ALERT Study, a Phase 3 trial designed to assess the safety of lixivaptan in ADPKD patients who showed liver chemistry abnormalities or other signs of liver toxicity while taking tolvaptan, the only drug currently approved in the United States for the treatment of ADPKD. We are grateful for the support of the investment community in helping us advance this potential new drug and we welcome Samsara and the Roche Venture Fund to Palladio.”
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Palladio is currently enrolling ADPKD patients into The ALERT Study (PA-ADPKD-303), the Company’s first Phase 3 clinical trial for lixivaptan. In this study, ADPKD patients between the ages of 18-65, who had been permanently discontinued from tolvaptan therapy due to liver chemistry abnormalities or other signs of liver toxicity, will be treated with lixivaptan for up to 58 weeks. The primary objective of the study is to determine the liver safety of lixivaptan in these patients. Visit Safety of Lixivaptan in Subjects Previously Treated With Tolvaptan for Autosomal Dominant Polycystic Kidney Disease (ALERT) for more information.
Source: Biospace
