Aadi Bioscience Inc., a clinical-stage biotechnology company based in Pacific Palisades, has announced the finish of a $23 million series A funding round.
The financing, announced last week, will help drive clinical research for its ABI-009 for advanced perivascular epithelioid cell tumors, a rare sarcoma. Other clinical programs for the MTOR inhibitor include those for pulmonary hypertension, early stage bladder cancer and pediatric cancer.
The financing round, which closed May 8, was led by Hong Kong-based Hermed Capital with participation from Celgene Corp. of New Jersey, Vivo Capital, Decheng Capital, the Helsinn Investment Fund and Star Summit Ventures.
Aadi Bioscience was founded in 2011 by Dr. Neil Desai, an inventor of Abraxane, acquired by Celgene. He is also a former senior vice president of Abraxis BioScience Inc., a Los Angeles company founded by L.A. billionaire Dr. Soon-Shiong, acquired by Celgene in 2010 for $2.9 billion.
Health business reporter Dana Bartholomew can be reached at email@example.com. Follow him on Twitter @_DanaBart.