Aadi Bioscience Raises $23M

Pacific Palisades-based Aadi Bioscience, a biopharmaceuticals firm focused on diseases related to mTOR activation, said it has raised $23M in a Series A funding round. The round was led by Hermed Capital and also included Celgene Corporation, Vivo Capital, Decheng Capital, the Helsinn Investment Fund and Star Summit Ventures. Aadi Bioscience is led by founder and CEO Neil Desai, and is currently focused its efforts on treating Perivascular Epithelioid Cell tumors (PEComa), an extremely rare form of sarcoma. As part of the funding, the company has added Carlo Montagner (Specialised Therapeutics), Richard Maroun (Frazier Healthcare Partners), Jerry Xiao (Hermed Capital) and Mahendra Shah (Vivo Capital) to its board of directors. Aadi Bioscience licensed the technology for its biopharmaceuticals from Celgene in 2014. More information »