#United States #Lowell #AltrixBio #David Pass #AJN 003

AltrixBio Advances with New Funding and Leadership

In a significant move for the biopharmaceutical industry, AltrixBio has announced the closing of a Series A financing round, securing $5 million to further its innovative work in the treatment of cardiometabolic diseases. This financing will facilitate the clinical entry of AltrixBio's lead candidate, AJN 003 (LuCI™), a groundbreaking oral therapy aimed at transforming Type 2 diabetes treatment.

A New Era of Leadership

Alongside this financial boost, AltrixBio has appointed David Pass, PharmD, as its new president and chief executive officer. Pass brings extensive experience from the pharmaceutical and biotech industries, having a proven history of successfully guiding projects to exceed $1 billion in sales. He succeeds Nancy Briefs, co-founder of AltrixBio, who will transition to the role of executive chair of the board after guiding the company since its inception.

Dr. Pass expressed his enthusiasm for leading AltrixBio during this pivotal period: “I am honored to join AltrixBio at such a pivotal moment. The potential of AJN 003 to revolutionize the treatment landscape for Type 2 diabetes and metabolic disorders is incredibly inspiring.” This sentiment echoes the company's mission to replicate the significant benefits of bariatric surgery, a common treatment for diabetes, in a simple oral formulation.

Innovation in Diabetes Treatment

AJN 003 (LuCI™), which aims to be taken once daily, works by temporarily coating the stomach and intestines. This mimics the metabolic improvements seen in patients who undergo bariatric surgery without the associated risks and complications. Bariatric procedures have successfully improved glucose control and induced diabetes remission in numerous patients, alongside producing substantial weight loss. Initial preclinical research suggests that AJN 003 generates comparable gut hormone responses while avoiding the safety issues tied to systemic drug exposure.

The newly acquired funds will primarily support the transition of AJN 003 into human clinical trials, with the ambition of providing an innovative oral solution for Type 2 diabetes, obesity, and other related metabolic disorders.

A Vision for the Future

David Pass's leadership marks an important transition for AltrixBio as the company gears up for its next phase of clinical and commercial initiatives. His track record includes a pivotal role in the establishment of successful collaborations in the diabetes sector, specifically between Eli Lilly and Boehringer Ingelheim. His prior experience as president of Life Sciences at Glooko perfectly positions him to steer AltrixBio towards its ambitious goals.

Nancy Briefs, the outgoing CEO, praised the company’s achievements and expressed confidence in Pass’s ability to lead: “I am incredibly proud of what we have achieved together and am excited to continue supporting the company.”

Dr. Ali Tavakkoli, co-founder and board member, also underlined the commitment to leadership excellence through this transition. He welcomed Pass as an essential addition to the team, emphasizing his passion and expertise in driving the company’s mission further.

The promise of Sucralfate

Founded in 2019, AltrixBio’s innovations stem from research conducted at Mass General Brigham and Harvard Medical School. The researchers were inspired by the observations of rapid Type 2 diabetes resolution in patients post-bariatric surgery. This led to the creation of AJN 003, utilizing a modified form of sucralfate, an established therapy known for over four decades of clinical use, to replicate bariatric surgery's metabolic benefits.

As AltrixBio moves forward with its mission to bring ‘Surgery in a Pill®’ to the market, the potential of AJN 003 stands as a beacon of hope for millions grappling with Type 2 diabetes and associated metabolic issues.

Looking Ahead

AltrixBio remains committed to innovation, and the recent fundraising and leadership changes reflect its strategic vision of delivering impactful therapies that significantly enhance patient lives. This company is poised for exciting developments as it embarks on clinical trials to test the efficacy of AJN 003, inviting the world to watch closely as they progress towards their clinical and commercial objectives.