Money will allow firm to open a research facility and expand team focused on discovery activities.
Aileron Therapeutics raised $10 million through a private placement of preferred stock. The firm plans to use these proceeds to expand its drug discovery team and open a 10,000 sq. ft. research facility in Cambridge, MA. Apple Tree Partners and the Novartis Venture Fund co-led the round.
Aileron is developing peptide therapeutics directed at intracellular protein-protein interaction targets that, according to the firm, are not addressable by current drug modalities. Its cell-penetrating Stapled Peptide technology is being applied to generate compounds for the treatment of cancer and other diseases.
“Aileron is entering an exciting new stage of development now that it has commenced full-fledged internal drug discovery operations in Cambridge with a world-class team of scientists and a very committed group of investors,” says Joseph A. Yanchik III, CEO.