ARDS - Aridis wins $4.85M equity investment from Cystic Fibrosis Foundation
- Nano-cap biotech Aridis Pharmaceuticals ( NASDAQ: ARDS ) announced Monday that Cystic Fibrosis Foundation invested $4.85M in the company’s common stock in support of ongoing studies for the anti-microbial drug AR-501.
- With the investment, the financial backing made by Cystic Fibrosis Foundation to Aridis ( ARDS ) reaches $12.5M
- AR-501 is an inhaled formulation of gallium citrate with broad-spectrum anti-infective activity, which is currently in development for controlling chronic lung infections in cystic fibrosis (CF) patients.
- The company expects AR-501 will outperform intravenously (IV) administered gallium, given its inhalational delivery route.
- Cystic fibrosis is a genetically driven disease that leads to medical conditions such as abnormal airway secretions, mucus accumulation, and bacterial infections.
- The company completed the enrollment of CF patients in a Phase 2a study for AR-501 in November. The topline results from the trial are expected in Q1 2023.
- Aridis ( ARDS ) has lost ~57% over the past 12 months, including a 14% drop in late September after the company proposed a public stock offering.
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Aridis wins $4.85M equity investment from Cystic Fibrosis Foundation