Aerovate Therapeutics, which is developing a dry powder drug formulation for pulmonary arterial hypertension, filed on Wednesday with the SEC to raise up to $100 million.
Aerovate's initial focus is on advancing AV-101, a dry powder inhaled formulation of imatinib (marketed as Gleevec tablets) for the treatment of pulmonary arterial hypertension (PAH). The company has completed a Phase 1 study in healthy volunteers and AV-101 was generally well-tolerated with no serious adverse events reported. It anticipates initiating a Phase 2b/3 trial of AV-101 in PAH patients in the 2H21.
The Boston, MA-based company was founded in 2018 and plans to list on the Nasdaq under the symbol AVTE. Aerovate Therapeutics filed confidentially on May 6, 2021. Jefferies, Cowen, and Evercore ISI are the joint bookrunners on the deal. No pricing terms were disclosed.
