Vedana Therapeutics (“Vedana”), a biotechnology company developing next-generation therapies for migraine prevention, today emerged from stealth with $46 million in Series A financing. The financing was co-led by Westlake BioPartners and Canaan Partners, with participation from Dawn Biopharma and Alexandria Venture Investments. Vedana’s executive team, board, and advisors include leaders who discovered and developed multiple migraine therapies, including approved calcitonin gene-related peptide (CGRP) antibodies and the emerging pituitary adenylate cyclase-activating polypeptide (PACAP) drug class.
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Anurag Agrawal, Ph.D., co-founder and CEO of Vedana Therapeutics
Proceeds from the financing will be used to advance Vedana’s portfolio of internally discovered, potentially best-in-class, subcutaneously delivered antibodies targeting clinically validated pathways for migraine prevention.
“First-generation CGRP therapies were a major step forward in the treatment of migraine, but most patients are still not adequately controlled,” said Anurag Agarwal, Ph.D., co-founder and chief executive officer of Vedana. “We are now focused on what comes next — targeting biology beyond CGRP, like PACAP and combinations thereof, to deliver on our vision of migraine freedom for all patients.”
Approval of multiple CGRP medicines marked the launch of the first generation of specialized therapies for migraine patients. However, two-thirds of the patients are still unable to gain optimal control of their migraine. PACAP, like CGRP, plays a critical role in migraine physiology and is emerging as a complementary approach to treat patients. Based on such clinically validated biology, Vedana has built a portfolio of internally discovered subcutaneously delivered long-acting antibodies. The company’s lead program is the next-generation anti-PACAP antibody, and its second program targets both PACAP and CGRP. While targeting PACAP alone provides a novel approach beyond currently approved drugs, Vedana’s bispecific antibody targeting both PACAP and CGRP could potentially deliver additional efficacy for patients who do not achieve relief with monotherapies.
Co-founder and chief scientific officer Leon Garcia, Ph.D., added, “Vedana was founded by a team that has spent years developing antibody therapies against CGRP and PACAP, giving us deep insight into both the promise and the limitations of existing approaches. Drawing on that experience, we designed the next-generation of highly potent long half-life antibodies, targeting self-injecting options for patients in the convenience of their home.”
“Vedana’s team has an unparalleled track record and has executed efficiently in generating multiple molecules with best-in-class potential,” said Mira Chaurushiya, Ph.D., managing director at Westlake BioPartners. “As the migraine market continues to evolve, Vedana’s leadership is well positioned to identify and address patient needs.”
“The Vedana team represents the deepest concentration of migraine expertise we have seen. Importantly, they bring together the lived experiences from multiple migraine companies and medicines in large and small biotech. They are focused entirely on what the next generation of medicines needs to deliver for patients. We are proud to back them,” said Julie Grant, general partner at Canaan Partners.
Built by the Team Behind Modern Migraine Therapeutics
Vedana was built by the world’s leading migraine experts and industry leaders with decades of experience across migraine biology, antibody engineering, clinical development, and commercialization.
Vedana’s executive leadership team includes:
- Anurag Agarwal, Ph.D., co-founder and chief executive officer (CEO) – Brings a decade of experience in investing in early stage life science companies as a venture capitalist at Osage University Partners where he led multiple company creation initiatives.
- Leon Garcia, Ph.D., co-founder and chief scientific officer – Led the discovery and development of both anti-calcitonin gene-related peptide (CGRP) and pituitary adenylate cyclase-activating polypeptide (PACAP) antibodies at Alder BioPharmaceuticals (acquired by Lundbeck), with more than 30 years of experience in antibody development from discovery through late-stage clinical trials.
- Ernesto Aycardi, M.D., chief medical officer (CMO) – Brings global experience across all phases of drug development, with deep expertise in neurology, having managed the pivotal and post-marketing studies for AJOVY® (fremanezumab-vfrm).
In addition, Vedana is supported by internationally renowned leaders in the migraine field, including:
- Rob Lenz, M.D., Ph.D., executive chair of Vedana’s board of directors — Former head of global development at Amgen, where he led the development of Aimovig® (erenumab-aooe).
- Marcelo Bigal, M.D., Ph.D., member of Vedana’s board of directors — Former CMO of Labrys, and head of development at Teva, where he led the development of AJOVY® (fremanezumab-vfrm).
- Steven James – Former CEO of Labrys Biologics (acquired by Teva for AJOVY®), KAI Pharmaceuticals (acquired by Amgen), and Pionyr Immunotherapeutics (acquired by Gilead Sciences).
- Messoud Ashina, M.D., Ph.D. – Director of the Migraine Unit at the University of Copenhagen and a leading authority in migraine research.
- David Dodick, M.D. – Chief science and medical officer at Atria and a globally recognized migraine expert.
- Andy Russo, Ph.D. – Professor of neurology at the University of Iowa and leading preclinical researcher in CGRP and PACAP biology.
- Frank Porreca, Ph.D. – Associate department head of pharmacology at the University of Arizona and prominent researcher in preclinical models of pain.
About Vedana Therapeutics
Vedana Therapeutics is a biotechnology company developing next-generation, preventive therapies for migraine by leveraging pituitary adenylate cyclase-activating polypeptide (PACAP) biology, and highly selective combinatorial targeting of clinically validated pathways. Vedana is led by a team of world-renowned experts in migraine drug development and is advancing a portfolio of antibody-based therapies designed to address the significant unmet need in migraine treatment. Visit www.vedanatx.com for more information.
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