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.

Unlock this article instantly by becoming a free subscriber.

You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.

SIGN UP LOG IN BECOME A PREMIUM SUBSCRIBER