ArrePath Announces Closing of Their Next Financing Round
PRINCETON, N.J.--(BUSINESS WIRE)--ArrePath, a company applying its proprietary artificial intelligence and machine learning platform together with deep R&D technical expertise to address the challenge of best-in-class antibacterial drug discovery, announced several business updates. First, the company has raised the next round of financing to advance its pipeline and continue to expand the scope and capabilities of its discovery platform. The Boehringer Ingelheim Venture Fund led the financing, which also included existing investors Insight Partners, Innospark, and Nor'easter Ventures, and new investor AB Magnitude.
'We are grateful for the ongoing support of our strong investor base and welcome our new investor, AB Magnitude, to ArrePath,' said Kevin Krause, President and CEO. 'This raise, in combination with our recently announced non-dilutive funding awards from PACE and CARB-X, enables ArrePath to advance our lead program, AP-001, towards development candidate nomination and eventual Phase 1 studies. In addition, the new funding will support expansion of our novel compounds active against non-tuberculous mycobacteria.'
Following the closing of this financing, ArrePath concluded a search for a new Chair of the Board of Directors with the appointment of Diego Miralles, M.D. Dr. Miralles comes to ArrePath with extensive experience in the biotech and pharmaceutical industry in many strategic, development and leadership roles. He was recently nominated to the Board of Directors of Contineum (NASDAQ: CTNM) and serves on the Board of Artiva (NASDAQ: ARTV). Dr. Miralles, an Infectious Diseases trained clinician and scientist, has extensive executive experience including as CEO of AZURNA Therapeutics, Inc., Laronde, Inc., and Vividion Therapeutics, Inc, and President of Adaptive Therapeutics. Previous to these roles, Dr. Miralles held various senior executive and R&D leadership positions at Johnson & Johnson.
Dr. Miralles received his M.D. degree from the University of Buenos Aires, completed his residency in Internal Medicine at the Mayo Clinic and a fellowship in Infectious Diseases at The New York Hospital/Cornell University and was on the faculty at Duke University.
'We are excited to welcome Dr. Miralles to the ArrePath Board of Directors,' said Kevin Krause. 'His decades of experience as an executive and board member in both private and public companies, along with his proven experience scaling emerging biotech companies, will provide invaluable insights and experience as we approach several near-term inflection points for ArrePath. I look forward to working with him as the company evolves into the next phase of growth.'
'I am really excited to join Kevin Krause, our outstanding newly appointed CEO, and the Board at ArrePath,' said Diego Miralles. 'The company's AI discovery platform which, coupled with the team's deep experience in antimicrobial development, will enable us to bring forward superior products to address unmet needs in antimicrobials. Recent approvals in antimicrobials demonstrate the continued need for improved products, a space where ArrePath will become a leader.'
About ArrePath
ArrePath combines the power of human intelligence with AI/ML to address the challenge of efficient drug discovery, which is a complex optimization process paired with an unimaginable number of chemical possibilities. Our AI/ML platform couples virtual and experimental compound design and testing to create efficiency at identifying novel compounds that are both active and have the attributes required to progress. To date, we have identified antibiotic hits active against three clinically novel targets. Of these, we are progressing AP-001 to focus on the large outpatient UTI market and a hospital avoidance strategy plus the potential for step-down from hospital-based IV therapies. We also have discovered multiple novel compound families active against non-tuberculous Mycobacteria (NTM). For more information on ArrePath's innovative work and mission, please visit http://www.arrepath.com/.
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