Wayne biotech firm Aevi Genomic Medicine needs $28 million to dig further into promising pediatric drug research, and the Children’s Hospital of Philadelphia is first in line to give $5 million of that.
Formerly Medgenics, Aevi has already partnered with the CHOP Center for Applied Genomics on clinical trials that resulted in pediatric treatments for ADHD and severe Crohn’s disease, according to a Philadelphia Business Journal report by John George. And CHOP is eager to get in on the opportunity to do more.
The Aevi equity offering involves 22.2 million shares of common stock and warrants for 4 million more shares.
“From our perspective, this is a way to accelerate discoveries and bring them to market much, much faster,” said CHOP Chief Scientific Officer and Executive Vice President Dr. Bryan Wolf. “Research happening right now has the potential to revolutionize medicine. We need partners like Aevi Genomic Medicine to help us get across the finish line faster.”
Aevi is leveraging CHOP’s research to reposition promising clinical trial-level drug candidates for specific pediatric applications.
Read more of Aevi’s equity deal in the Philadelphia Business Journal here.