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MORRISTOWN, N.J. - Aadi Bioscience, Inc. (NASDAQ: AADI), currently valued at $63.84 million in market capitalization, has appointed David Dornan, PhD, as its new Chief Scientific Officer (CSO), leveraging his extensive background in oncology and expertise in antibody-drug conjugates (ADCs). Dr. Dornan’s career spans more than 20 years of drug discovery and development in the oncology sector. According to InvestingPro analysis, the company appears undervalued based on its Fair Value assessment.
The company is at a critical juncture as it embarks on a strategic shift announced in December 2024. This includes the sale of FYARRO® to Kaken Pharmaceuticals for $100 million, the in-licensing of a portfolio of ADCs from WuXi Biologics (HK:2269), and a $100 million private placement financing. These initiatives are aimed at propelling the development of the company’s ADC assets. InvestingPro data shows the company maintains a strong liquidity position with a current ratio of 4.89, though it’s currently experiencing rapid cash burn. Aadi has scheduled a Special Meeting of Stockholders for February 28, 2025, to discuss the proposed sale and financing.
Dr. Dornan’s appointment comes as Aadi focuses on a new tumor-targeting strategy using a next-generation linker-payload platform. His experience includes roles at Elevation Oncology, Bolt Biotherapeutics, Gilead Sciences (NASDAQ:GILD), and Genentech, where he played a significant part in developing POLIVY®, an FDA-approved treatment for diffuse large B-cell lymphoma.
Aadi Bioscience, dedicated to precision oncology, aims to utilize technology to deliver effective therapies for challenging cancers. The company’s pipeline targets specific proteins such as PTK7, MUC16, and SEZ6, with the goal of redefining cancer treatment standards.
The information in this article is based on a press release statement from Aadi Bioscience.
In other recent news, Aadi Bioscience, Inc. has reported major developments including a strategic licensing agreement, an asset sale, and a financing round. The biopharmaceutical company announced an exclusive license for a portfolio of antibody-drug conjugates (ADCs) in collaboration with WuXi Biologics and HANGZHOU DAC BIOTECHNOLOGY CO., LTD. The agreement, costing Aadi $44 million upfront, could lead to up to $805 million in development and commercial milestones.
In a separate development, Aadi has agreed to sell its FYARRO® product and associated infrastructure to KAKEN Pharmaceutical (TADAWUL:2070) for $100 million. The company has also secured a private investment in public equity (PIPE) financing round, expected to generate approximately $100 million in gross proceeds. The round, led by Ally Bridge Group, is anticipated to close in the first half of 2025.
Adding to the company’s recent developments, Baiteng Zhao, co-founder and former CEO of ProfoundBio, has been appointed to Aadi’s Board of Directors. His expertise in ADC development is expected to aid the advancement of Aadi’s new portfolio. These recent developments, including the sale of FYARRO® and the PIPE financing, are projected to fund Aadi’s operations into late 2028.
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