Aerovate Therapeutics, Inc.
We are a clinical stage biopharmaceutical company focused on developing drugs that meaningfully improve the lives of patients with rare cardiopulmonary disease. Our initial focus is on advancing AV-101, our dry powder inhaled formulation of imatinib for the treatment of pulmonary arterial hypertension, or PAH, a devastating disease impacting approximately 70,000 people in the United States and Europe. Imatinib, marketed as Gleevec tablets, was originally developed for the treatment of multiple cancers. Oral imatinib also demonstrated statistically significant improvement on the primary endpoint, six-minute walk distance, and multiple secondary hemodynamic endpoints in PAH patients in an international Phase 3 trial conducted by Novartis but was poorly tolerated due to adverse events, or AEs, and never approved for the treatment of PAH.
We anticipate initiating a Phase 2b/3 trial of AV-101 in PAH patients in the second half of 2021, and we have assembled a team with deep expertise in developing innovative PAH and inhaled therapies and commercializing novel drugs.
PAH is an orphan disease with unmet medical need; it is characterized by high pressure in the vessels transporting blood from the right side of the heart to the lungs. This high pressure is caused by abnormal cellular proliferation, which over time results in narrowing of the pulmonary vessels and forces the heart to work harder to pump blood through the lungs. The severe blood flow restriction and strain on the heart becomes increasingly severe over time and ultimately leads to heart failure that is often fatal.
(Note: Aerovate Therapeutics upsized its IPO at pricing on June 29, 2021, by selling 8.7 million shares, up from 7.15 ,million shares in the prospectus, at $14 – the mid-point of its $13-to-$15 price range – to raise $121.8 million.)
|Address||200 Berkeley Street, Floor 18 Boston, MA 02116|
|Phone Number||(617) 443-2400|
|View Prospectus:||Aerovate Therapeutics, Inc.|
|Revenues||$0 mil (last 12 months)|
|Net Income||$-10.95 mil (last 12 months)|
|Price range||$14.00 - $14.00|
|Est. $ Volume||$121.8 mil|
|Manager / Joint Managers||Jefferies/ Cowen and Company/ Evercore|
|Expected To Trade:||6/30/2021|
|Quiet Period Expiration Date:||Available only to Subscribers|
|Lock-Up Period Expiration Date:||Available only to Subscribers|
|SCOOP Rating||Available only to Subscribers|
|Rating Change||Available only to Subscribers|