Aileron Therapeutics Secures $33 Million in Financing, Expands Senior Management Team

Aileron Therapeutics, a clinical stage biopharmaceutical company that is developing first-in-class therapeutics based on its proprietary Stapled Peptide drug platform, has secured $33 million in an extension to its Series E equity financing, bringing the total raised in this round to $48 million.

This financing was co-led by three new investors including AJU IB Investment Co., Ltd. and two undisclosed private investment groups. The round also includes full participation by all existing investors including Apple Tree Partners, Excel Venture Management, Lilly Ventures, Novartis Venture Funds, Roche Venture Fund and SR One.

The proceeds will be used to advance ALRN-6924 into clinical trials. ALRN-6924 is a potent and specific re-activator of p53, a tumour suppressor protein that represents one of the most sought after oncology drug targets given its role in most liquid and solid tumours. ALRN-6924 will be the first clinical drug candidate that targets both the MDM2 and the MDMX suppressor proteins of p53, in contrast to all other drugs in clinical development that involve small molecules targeting only MDM2. 

“This financing enables Aileron to rapidly move forward the clinical development of ALRN-6924 as well as ongoing translational research. P53 is one of the most exciting and valuable oncology targets given its potential to impact a very broad range of cancers and patients,” said Joseph A. Yanchik III, President and CEO of Aileron Therapeutics. “This investment from our new and returning investors recognises the progress and value that the Aileron team has created and gives us a strong foundation to accelerate the growth of this very important oncology drug as well as our unique drug platform.”

“We are very pleased with Aileron’s progress and look forward to advancing the first Stapled Peptide drug for oncology into the clinic,” said Scott Kapnick, Chairman of Aileron’s Board of Directors. “We are grateful to have the full and continued participation of our existing investors. The high quality of the new investment groups that participated in this financing reflects the importance of this research to cancer treatment.”