Aileron Therapeutics, Inc. Announces Board Changes
April 01, 2019 at 11:16 am
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On March 28, 2019, Aileron Therapeutics, Inc. (the “Company”), entered into a securities purchase agreement (the “Securities Purchase Agreement”) with accredited investors (the “Investors”), pursuant to which the Company agreed to issue and sell to the Investors in a private placement an aggregate of (i) 11,838,582 units, consisting of 11,838,582 shares of the Company’s common stock, par value $0.001 per share (the “Shares”), and associated warrants (the “Common Warrants”) to purchase an aggregate of 11,838,582 shares of common stock, for a combined price of $2.01 per unit and (ii) 1,096,741 units, consisting of pre-funded warrants to purchase 1,096,741 shares of the Company’s common stock (the “Pre-Funded Warrants”) and associated Common Warrants to purchase 1,096,741 shares of common stock, for a combined price of $2.01 per unit (the “Offering”). The Board shall have, effective as of the Closing, elected Nolan Sigal to the Board as a Class II director (with an initial term expiring at the Company's 2019 annual meeting of stockholders, which is to be held on June 19, 2019), determined to nominate Dr. Sigal for election as a Class II director at the 2019 annual meeting of stockholders (with an initial term expiring at the Company's 2022 annual meeting of stockholders) and to recommend that the Company's stockholders vote for Dr. Sigal at the 2019 annual meeting of stockholders, appointed Dr. Sigal to the compensation committee and the nominating and governance committee of the Board.
Aileron Therapeutics, Inc. is a biopharmaceutical company. The Company is advancing a pipeline of medicines to address unmet medical needs in orphan pulmonary and fibrosis indications. Its lead product candidate, LTI-03, is a synthetic peptide with a dual mechanism targeting alveolar epithelial cell survival as well as inhibition of profibrotic signaling. LTI-03 is being evaluated in a Phase Ib clinical trial for the treatment of idiopathic pulmonary fibrosis (IPF). Its second product candidate, LTI-01, is a proenzyme, or zymogen, designed to slowly activate in the pleural space and break up the scar tissue, allowing for drainage of the pleural effusion. It has completed Phase Ib and Phase IIa clinical trials for the treatment of loculated pleural effusions.