AEOVIAN PHARMACEUTICALS DOSES FIRST PARTICIPANTS IN PHASE 1 CLINICAL TRIAL, STRENGTHENS LEADERSHIP TEAM AND RAISES ADDITIONAL $50 MILLION FINANCING
BERKELEY, Calif., March 28, 2024 /PRNewswire/ -- Aeovian Pharmaceuticals, a clinical-stage biopharmaceutical company developing novel and highly selective therapeutics that potently inhibit the mTORC1 pathway, today announced that it has dosed the first cohort of participants in a Phase 1 clinical trial for its lead development candidate AV078, a first-in-class CNS penetrant selective mTORC1 inhibitor. Supporting this transition into the clinic, the company has also expanded its leadership team with the appointment of seasoned industry veterans William Greene, M.D., Chief Investment Officer at Hevolution, and Justin Gover, former Chief Executive Officer of GW Pharmaceuticals, to the company's Board of Directors, and appointed Micah Zajic as Chief Financial Officer. The company also recently completed a $50 million financing, led by Hevolution.
- Aeovian has assembled a compelling platform for the development of selective mTORC1 inhibitors," said Dr. Greene, CIO at Hevolution.
- In the $50M financing, Hevolution was joined by existing investors Apollo Health Ventures, Sofinnova Investments, venBio, Evotec and b2venture.
- This financing will support the completion of the Phase 1 clinical trial in healthy volunteers and prepare for the start of a subsequent Phase 2 clinical trial in adult and pediatric patients with TSC refractory epilepsy.
- As CEO, he built and led Iconic Therapeutics through discovery, clinical development, and venture financing, which culminated in a successful sale of the company.