Aadi Bioscience Announces $72.5 Million Private Placement Equity Financing
The PIPE financing was led by a life sciences-focused investment fund with participation from existing investors including
"We are extremely pleased to have the support of this investor group," said
In addition to supporting the continued advancement of the PRECISION 1 trial and growing FYARRO commercial efforts, the Company intends to use net proceeds from the financing to fund research and development of additional clinical opportunities with FYARRO and for working capital and general corporate purposes. The proceeds from this PIPE financing, combined with current cash, cash equivalents and marketable securities is expected to fund operating and capital expenditures into 2025.
The securities to be sold in this PIPE financing, including the shares of Common Stock underlying the Pre-Funded Warrants, have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state or other applicable jurisdiction's securities laws and may not be offered or sold in
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any offer, solicitation, or sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Aadi Bioscience
Aadi is a commercial-stage biopharmaceutical company focused on precision therapies for genetically defined cancers. Aadi's primary goal is to bring transformational therapies to cancer patients with mTOR pathway driver alterations where other mTOR inhibitors have not or cannot be effectively exploited due to problems of pharmacology, effective drug delivery, safety, or effective targeting to the disease site. In
Based on exploratory data from AMPECT, a registrational study supporting approval in advanced malignant PEComa, and following a pre-IND meeting with the FDA, Aadi has initiated PRECISION 1, a Phase 2 tumor-agnostic registration-intended trial in mTOR inhibitor-naïve malignant solid tumors harboring TSC1 or TSC2 inactivating alterations. More information is available on the
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain forward-looking statements regarding the business of
Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included in the company's Annual Report on Form 10-K for the fiscal year ended
You are cautioned not to place undue reliance on forward-looking statements which are current only as of the date hereof. Except as required by applicable law,
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