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Alladapt Announces Completion of Oversubscribed $119 Million Institutional Financing

Menlo Park, CA., June 22, 2022 (GLOBE NEWSWIRE) — Alladapt Immunotherapeutics Inc., a private, clinical-stage biopharmaceutical company developing prescription therapeutics to address IgE-mediated food allergy, announced today the closing of a $119 million financing round led by Enavate Sciences, a portfolio company created by Patient Square Capital. Additional investors participating in the financing include Alladapt’s founding investor, Gurnet Point Capital, along with new investors Allerfund, Novartis (NYSE: NVS), Red Tree Venture Capital, and WestRiver Group.

Proceeds from this funding round will support the ongoing clinical development of ADP101, the Company’s lead product candidate, as well as preparation for a potential pivotal trial, the continued buildout of Alladapt’s manufacturing facility, and investment in further pipeline expansion. Leveraging an immense body of evidence in oral immunotherapy developed by many leading allergists, including Dr. Kari Nadeau, the Director of the Sean N. Parker Center for Allergy and Asthma Research at Stanford University and co-founder of Alladapt, ADP101 is currently being studied in Harmony, a Phase 1/2 trial, and Encore, the associated open-label extension (OLE) study, in food allergy patients.

“We are pleased to further accelerate the development of our investigative clinical program targeting the treatment of allergy to one or to multiple foods through a singular oral immunotherapy,” commented Ashley Dombkowski, Ph.D., Alladapt’s Chief Executive Officer and co-founder. “Food allergy is a serious, chronic disease in which accidental exposure to an allergen can cause a rapid onset, severe, potentially life-threatening reaction. The challenges of food allergy can be particularly difficult for patients who have allergies to many foods. Treatment options are urgently needed, and we believe ADP101 holds immense promise as a therapeutic modality targeting clinically meaningful allergen desensitization. With this financing, we are delighted to have the continued support of Gurnet Point Capital and to welcome George and Jim to our Board of Directors, who both bring a deep understanding of the food allergy space and can offer meaningful perspective as we advance our clinical programs.”

Glenn Reicin, Alladapt’s Chief Financial Officer, commented: “The substantial investment on behalf of this expert syndicate of investors enables us to allocate resources to expand the development of ADP101, which has the potential to be the first FDA-approved therapy to treat the majority of U.S. food allergy patients.”

“Our firm remains committed to Alladapt’s vision for a best-in-class approach that truly aligns with the needs of patients, their families, and clinicians,” added Sophie Kornowski, Partner at Gurnet Point Capital, Alladapt’s founding investor.

“We are excited to partner with Alladapt given our enthusiasm around oral immunotherapy, or OIT, as an important treatment option in the food allergy therapeutic landscape. I am equally pleased to join Alladapt’s Board and support the Company’s leadership in its endeavor to treat highly reactive pediatric and adult patients with food allergy,” said Jim Momtazee, Managing Partner of Patient Square Capital.

“Having closely followed the food allergy space, and the commercial market at large, Alladapt stands out because of its potentially best-in-class prescription therapeutic targeted to treat multi-allergies simultaneously,” said George Montgomery, consultant to WestRiver Group and Senior Advisor to Alvarium Investments LLC. “I look forward to working with Alladapt’s co-founders, with whom I have collaborated in the past and who are acclaimed experts in the food allergy space, in addition to Alladapt’s seasoned senior executives who hold diversified experiences across the food allergic disease landscape.”

In conjunction with the financing, Heath Lukatch, Ph.D., Founder and Managing Partner of Red Tree Venture Capital, will become an Alladapt board observer.

Jefferies, LLC acted as placement agent for the financing.

Source: https://www.globenewswire.com/news-release/2022/06/22/2466957/0/en/Alladapt-Announces-Completion-of-Oversubscribed-119-Million-Institutional-Financing.html

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