Vedana Therapeutics, a biotechnology company developing next-generation therapies for migraine prevention, has emerged from stealth with $46m 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.
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, co-founder and CEO 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 specialised 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, said: “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.”