Allysta Pharmaceuticals, Inc. Raises $15 Million in Series A Financing to Advance Novel Therapeutic for Dry Eye Disease
Summary
Allysta is advancing its compound ALY688, a first-in-class therapeutic peptide, for the treatment of dry eye disease and plans to submit an investigational new drug application ("IND") and initiate clinical studies in late 2019. "We are very pleased to have the financial backing from Morningside Ventures to advance ALY688 from the laboratory into the clinic," said CEO and President Henry Hsu, M.D. "In addition to developing ALY688 for ocular indications, Allysta is also advancing a systemic formulation of ALY688 for metabolic diseases including non-alcoholic steatohepatitis ("NASH"), where adiponectin protein has been shown to play an important role in protecting against insulin resistance, hepatic inflammation and fat accumulation, and fibrosis.Morningside is a diversified investment group founded in 1986 by the Chan family of Hong Kong. It is engaged primarily in private equity and venture capital investments, including early-stage life science companies formed around new technologies. For more information, visit www.morningside.com.Allysta is a privately-held biopharmaceutical company developing first-in-class peptide therapeutics with a current focus in dry eye and liver diseases.
Funding
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