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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