Velocity Partners VC led the round with co-leaders Evercurious VC, alongside major participation from Relativity Healthcare Partners.
Boston-based Anodyne plans to use proceeds to support the advancement of ANN-101, its once-weekly GLP-1 patch for obesity. It hopes to bring the microneedle-based patch system into a Phase I clinical trial. Other uses for the funds could include accelerating the development of its transdermal platform for the delivery of peptides, monoclonal antibodies and nucleic acid therapeutics.
The company’s HeroPatch technology aims to enable the transdermal delivery of multi-milligram doses and complex formulations of existing therapies and emerging large molecules. It leverages the natural process of diffusion to deliver medicine through the skin through microneedles.
Anodyne said funds may also support manufacturing scale-up and the expansion of multiple strategic partnering activities.
In addition to the funding, the company added Vikram Lamba to its board of directors. Lamba, a veteran of more than 30 years across pharmaceuticals and biotechnology, previously served as CEO of Zosano Pharma. There, he led a $425 million strategic partnership with Eli Lilly focused on microneedle technology. He also led the company through its IPO.
Jake Lombardo, CEO of Anodyne Nanotech, said:
“This financing marks a significant milestone for Anodyne. Our lead program, ANN-101, addresses significant unmet needs in a disease rapidly coming to the forefront of healthcare. We have demonstrated the ability to deliver multi-milligram weekly doses of a GLP-1 with a patch, and reach the exposures obesity treatment requires, without an injection or cold storage. The platform’s defining ability to deliver large doses enables co-formulation and delivery of multiple active ingredients in a single patch. Closely following our GLP-1 program is our apelin/GLP-1 combination patch, which is designed to counter the lean-mass loss that accompanies GLP-1–driven weight loss, a major challenge in the treatment of obesity.”
