Abrax­is vet Neil De­sai gets Cel­gene back­ing for $23M A round; Two more biotechs set IPO terms

Cel­gene joined the syn­di­cate back­ing a $23 mil­lion Se­ries A for Pa­cif­ic Pal­isades, CA-based Aa­di Bio­science. The mon­ey will be used to sup­port a reg­is­tra­tion study of its lead drug, ABI-009, its tar­get­ed al­bu­min-bound mTOR in­hibitor. Neil De­sai, a for­mer SVP at Abrax­is who helped in­vent Abrax­ane — ac­quired by Cel­gene — is run­ning the biotech. Hermed Cap­i­tal led the round with ad­di­tion­al par­tic­i­pa­tion from Vi­vo Cap­i­tal, Decheng Cap­i­tal, the Helsinn In­vest­ment Fund and Star Sum­mit Ven­tures.

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