Aeovian Pharmaceuticals, a clinical-stage biopharmaceutical company based in Berkeley, California, has closed an oversubscribed $55 million Series B financing to support completion of a Phase 2 proof-of-concept study for its lead candidate, AV078, in tuberous sclerosis complex (TSC)-related refractory epilepsy.
The round was co-led by new investors Luma Group and CTI Life Sciences Fund, with participation from Foresite Capital, SymBiosis, the TSC Alliance Endowment Fund, Wilson Sonsini, and existing backers Apollo Health Ventures, Hevolution, Sofinnova Investments, and venBio. Aeovian said the proceeds will be used to accelerate development of AV078, described as a first-in-class, CNS-penetrant selective mTORC1 inhibitor engineered to modulate hyperactive signaling in the brain.
TSC is a rare genetic disorder driven by mutations in TSC1 or TSC2 that can lead to hyperactivation of mTORC1 signaling and a range of clinical complications, including epilepsy. Aeovian noted that epilepsy is one of the most common and difficult complications in TSC, and that many patients experience seizures that remain refractory despite available therapies.
Aeovian is positioning AV078 as a differentiated approach versus currently available nonselective mTOR inhibitors such as everolimus, which can be limited by toxicities associated with mTORC2 inhibition. The company said AV078 was designed for high selectivity to mTORC1 with central nervous system penetration, aiming to improve efficacy and tolerability and support sustained seizure control in patients whose seizures remain difficult to manage.
As part of the financing, Aeovian appointed Themasap Khan, Ph.D., co-founder and partner at Luma Group, and Youssef Bennani, Ph.D., managing partner at CTI Life Sciences, to its board of directors. The company’s broader pipeline targets metabolic quality control through selective inhibition of mTORC1 or CD38, with a focus on rare and age-related diseases.
KEY QUOTES
“Building on the success of our Phase 1 study, we believe AV078 has the potential to be a safer, better-tolerated, and more efficacious treatment option for patients with TSC. The successful close of this financing marks an important milestone for the company and reflects the strong conviction in AV078’s potential to transform outcomes for patients who have long lacked effective treatment options.”
Allison J. Hulme, Ph.D., President & CEO, Aeovian Pharmaceuticals
“The TSC Alliance is grateful for our longstanding partnership with Aeovian Pharmaceuticals through research conducted in our TSC Preclinical Consortium. We commend Aeovian for developing a targeted compound addressing unmet needs in the TSC community as two-thirds of those who experience epilepsy in TSC are refractory. Through their investments in Series B funding, the TSC Alliance Endowment Fund, a supporting organization of the TSC Alliance, is also taking an active role in our mission to catalyze new treatments and drive research toward a cure for tuberous sclerosis complex.”
Kari Luther Rosbeck, President & CEO, TSC Alliance
“Aeovian is pioneering a truly differentiated approach to targeting mTORC1 with a level of selectivity and CNS penetration that has not been achievable until now. We believe AV078 has the potential to establish a new standard of care for TSC-related epilepsy, where current therapies fall short for the majority of patients.”
Themasap Khan, Ph.D., Co-Founder and Partner, Luma Group
“On behalf of our Board of Directors, I am delighted to welcome Themasap and Youssef to our Board as they bring diverse and relevant experience from various leadership roles within the biotechnology industry and we look forward to their contributions as Aeovian enters its next phase of growth.”
Richard Gaster, M.D., Ph.D., Chairman, Aeovian Board of Directors
