AltrixBio has secured $5 million in an initial Series A financing to advance its lead candidate, AJN 003 (LuCI), into human clinical trials for type 2 diabetes and related metabolic diseases. This oral therapy is designed to recreate the metabolic benefits of bariatric surgery without invasive procedures.
The financing will support the start of Phase 1 studies, where AJN 003 is expected to demonstrate its ability to coat the stomach, duodenum, and jejunum temporarily. Preclinical data show the coating triggers favorable gut-hormone responses and metabolic improvements similar to those seen after weight-loss surgery, while avoiding systemic exposure and safety risks associated with other drugs.
As part of this next growth stage, AltrixBio has appointed David Pass, PharmD, as President and Chief Executive Officer. Dr. Pass brings decades of leadership scaling pharmaceutical and biotech franchises to blockbuster sales, including roles at Eli Lilly, Boehringer Ingelheim, and, most recently, Glooko. He succeeds co-founder Nancy Briefs, who will transition to Executive Chair of the Board.
AJN 003 represents a novel, disease-modifying approach for patients living with type 2 diabetes, obesity, and other metabolic disorders. By mimicking bariatric surgery’s mechanism through a simple once-daily pill, AltrixBio aims to address a global market opportunity worth billions and deliver a safer, more accessible therapy.
With funding in place and an experienced leadership team, AltrixBio is positioned to begin human trials in late 2025, racing toward a potential new standard of care for metabolic diseases.
KEY QUOTES:
“It is an honor to join AltrixBio at such a pivotal moment. I am inspired by the potential of AJN 003 both to change the way we think about the science of type 2 diabetes and metabolic disorders, and to bring the often life-changing benefits of bariatric surgery into a pill.”
Dr. Pass
“I am confident that David will successfully lead the company into its next era of clinical and commercial activities. I am incredibly proud of what we have achieved together and am excited to continue supporting the company as executive chair of the board.”
Briefs
“This transition reflects our ongoing commitment to leadership excellence and long-term value creation. We are grateful to Nancy for her visionary leadership and are thrilled to welcome David as our new CEO. His expertise and passion for our mission will be instrumental as we continue to deliver on our vision of ‘Surgery in a Pill.'”
Ali Tavakkoli, MD, co-founder and board member
