Aardvark Therapeutics, Inc. has received an USD 85 million oversubscribed Series C financing led by Decheng Capital, with participation from Cormorant Asset Management, Surveyor Capital, SymBiosis, Tetragon Financial Group, Walleye Capital, Laurion Capital Management, LG Technology Ventures, Cantor Ventures, Silver Arc Private Capital, The Prader-Willi Syndrome Association – USA, and existing investors, including Vickers Venture Partners and the Foundation for Prader-Willi Research.  

As part of the investment, Decheng Capital's Managing Director, Victor Tong, Jr., joined Aardvark's board of Directors. In August 2021, Aardvark announced its USD 29 million Series B preferred stock round led by Vickers Venture Partners.

Cantor Fitzgerald & Co. acted as the sole placement agent for the Series C preferred stock financing.

Aardvark intends to use the proceeds from the financing to (1) complete the clinical trials required for regulatory approval of Aardvark's lead asset, ARD-101, for the treatment of hyperphagia in patients with Prader-Willi Syndrome, (2) demonstrate ARD-101's complementary mechanism of action to the current GLP-1 therapies in the treatment of obesity and (3) advance other Aardvark pipeline programs.

Aardvark Therapeutics CEO, Tien Lee, M.D., commented, "We believe our lead compound, ARD-101, is a well-differentiated first-in-class drug candidate that is orthogonal and complementary to existing obesity drugs and reduces hunger through the selective induction of gut-brain signaling. The novel mechanism of action and gut-restricted nature of ARD-101 contribute to its encouraging safety and tolerability profile, as well as its broad spectrum of activity. We are excited that our new and existing investors share our vision of ARD-101's potential therapeutic impact and the relevance of TAS2R receptors as unique pharmaceutical targets."

Dr. Theresa Strong, Director of Research Programs at the FPWR, remarked, "We are truly encouraged by the early findings of the ongoing trial of ARD-101 in young adults with PWS, which have shown marked decreases in hunger and food-seeking behavior in several treated individuals. Based on these promising findings, the FDA has already granted ARD-101 Orphan Drug Designation and Rare Pediatric Disease Designation. With the FDA's guidance and the now secured funds, our PWS community is looking forward to a rapid expansion of the clinical evaluation of ARD-101 in the hope of bringing this novel oral drug to patients in need". 

Stacy Ward, CEO of PWSA, USA added, "Our Patient Advocacy members and the PWS families we serve are very excited to see the ARD-101 clinical trial programs move forward to address the need for safe and effective treatments for the intense and debilitating hunger experienced by many individuals with PWS".

Decheng Capital noted, "Decheng Capital is thoroughly impressed by Aardvark's pioneering work with bitter taste receptor agonists to develop new targeted therapies for Prader-Willi Syndrome and other metabolic disorders. The Aardvark management team has laid a strong foundation for the ARD-101 program. We are excited to work closely with the Aardvark team to advance its clinical programs, aiming to overcome the challenges associated with Prader-Willi syndrome."