Alladapt Announces Loan Agreement with Hercules Capital
August 30 2022 - 7:00AM
Alladapt Immunotherapeutics Inc., a private, clinical-stage
biopharmaceutical company developing prescription therapeutics to
address IgE-mediated food allergy, today announced that it has
entered into a term loan agreement for up to $50 million with
Hercules Capital, Inc. (NYSE: HTGC). The capital will be used to
further support the clinical development of Alladapt’s lead asset
ADP101 through initiation of a potential Phase 3 pivotal trial, as
well as the completion of its manufacturing facility intended for
late-stage clinical supply of ADP101 and potential commercial
product.
“Securing non-dilutive capital from Hercules provides Alladapt
with the financial resources to advance toward our ultimate goal of
commercializing a first-in-class oral immunotherapeutic for food
allergy patients,” commented Glenn Reicin, Alladapt’s Chief
Financial Officer. “In conjunction with the close of our recent
equity raise, this non-dilutive capital extends our cash runway
into 2024 and optimizes our ability to execute on our strategic
priorities – which includes reporting data from our Harmony study
and determining the best approach to maximize value for our
shareholders.”
“Hercules is proud to partner with Alladapt as the company
pursues its mission to redefine the treatment landscape for food
allergies,” stated Cristy Barnes, Managing Director at Hercules
Capital.
“We look forward to supporting Alladapt’s team as they continue
to advance ADP101 through further clinical trials and potentially
commercialization,” added Himani Bhalla, Managing Director at
Hercules Capital.
Armentum Partners served as financial advisor to Alladapt on the
transaction.
About Alladapt Immunotherapeutics Alladapt
Immunotherapeutics Inc. is a private, clinical-stage
biopharmaceutical company developing prescription therapeutics
targeting food allergy. The company is currently conducting the
Harmony Study, a Phase 1/2, randomized, double-blind,
placebo-controlled study evaluating the efficacy and safety of
ADP101 for the treatment of food allergy in children and adults,
and the Encore Study, an open-label extension study for its Harmony
study. ADP101 is an investigational oral immunotherapy product
candidate representing the nine food groups responsible for the
vast majority of significant food allergic reactions globally.
Alladapt was co-founded in 2018 by biotechnology entrepreneur,
Ashley Dombkowski, Ph.D. and allergist, clinician and protein
biochemist, Kari Nadeau, M.D., Ph.D. Dr. Nadeau is also the Naddisy
Foundation Endowed Professor of Medicine and Pediatrics and
Director of the Sean N. Parker Center for Allergy and Asthma
Research at Stanford University. Food allergen specific OIT
conducted by Dr. Nadeau and other food allergy experts is an
approach that has shown consistently promising results through
administration of increasing amounts of an allergen to individuals
with food allergy to raise the reactive threshold and decrease the
severity of allergic responses to the allergenic food. This work,
combined with research on disease mechanisms, pathways, and protein
structures, led the founders to envision biopharmaceutical
interventions capable of addressing food allergy due to a
wide-ranging set of foods.
For more information, please visit the Company's website at
www.alladapt.com.
Source: Alladapt Immunotherapeutics, Inc.
Investor Contact: Investor@alladapt.com
Media Contact:Hannah GendelSolebury Strategic
Communications646-378-2943hgendel@soleburystrat.com
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