BioCentury
ARTICLE | Financial News

Aerial raises $3.8M

July 14, 2012 12:05 AM UTC

Aerial BioPharma LLC (Morrisville, N.C.) raised $3.8 million in the first tranche of a planned $12 million financing. The company plans to complete the financing by early 2014. New investor Rex Health Ventures joined existing investors 3G Capital and other undisclosed investors.

Aerial was founded in January 2011 by the management team behind North Carolina-based neurology companies Addrenex Pharmaceuticals Inc. and Neuronex Inc. Aerial is developing narcolepsy therapy ADX-N05, which was previously developed by Addrenex. The compound is in Phase II testing to treat narcolepsy. The mechanism of action is not disclosed. Aerial also is developing a preclinical biologic for pain indications licensed from the University of North Carolina-Chapel Hill. ...