AltrixBio has announced the closing of an initial USD 5 Million Series A financing. The funding will accelerate the clinical entry of AJN 003 (LuCI-Luminal Coating of the Intestine), a first-in-class oral therapy designed to transform the treatment of type-II diabetes and metabolic diseases.

In addition, the company has appointed David Pass, PharmD, as President and Chief Executive Officer (CEO).

Dr Pass brings decades of leadership experience across the pharmaceutical, biotechnology and medical device sectors with a proven record of scaling programmes from concept to more than USD 1 Billion in sales. He succeeds AltrixBio Co-Founder and CEO Nancy Briefs, who successfully guided the company from inception, and will now serve as Executive Chair of the board.

"It is an honour to join AltrixBio at such a pivotal moment. I am inspired by the potential of AJN 003 both to change the way we think about the science of type-II diabetes and metabolic disorders, and to bring the often life-changing benefits of bariatric surgery into a pill," said Dr Pass.

AltrixBio is developing AJN 003 (LuCI), a once-daily oral pill that temporarily coats the stomach, duodenum and jejunum to mimic the powerful metabolic effects of bariatric surgery without the associated risks. Bariatric surgery has demonstrated rapid improvements in glucose control with diabetes remission in most patients, along with significant weight loss. Pre-clinical studies of AJN 003 have shown similar gut hormone and metabolic responses, while avoiding systemic drug exposure and associated safety concerns.

The Series A financing will support AltrixBio in advancing AJN 003 into human clinical studies, aiming to provide an oral therapy for type-II diabetes, obesity and other metabolic diseases.

The appointment of Dr Pass as CEO marks a new chapter for AltrixBio as the company prepares to bring its lead candidate, AJN 003, into the clinic. Dr Pass joins AltrixBio after successfully building and leading the Diabetes Franchise with the alliances between Eli Lilly and Boehringer Ingelheim and, most recently, serving as President of Life Sciences at Glooko.

Briefs said, "I am confident that David will successfully lead the company into its next era of clinical and commercial activities. I am proud of what we have achieved together and am excited to continue supporting the company as Executive Chair of the Board.”