Access to term loan of up to $50 million supports clinical development of ADP101 through initiation of Phase 3 trial and completion of Alladapt’s manufacturing facility

Recent oversubscribed $119 million institutional financing in addition to this non-dilutive financing extends cash runway into 2024

MENLO PARK, Calif., Aug. 30, 2022 (GLOBE NEWSWIRE) — Alladapt Immunotherapeutics Inc., a private, clinical-stage biopharmaceutical company developing prescription therapeutics to address IgE-mediated food allergy, today announced that it has entered into a term loan agreement for up to $50 million with Hercules Capital, Inc. (NYSE: HTGC). The capital will be used to further support the clinical development of Alladapt’s lead asset ADP101 through initiation of a potential Phase 3 pivotal trial, as well as the completion of its manufacturing facility intended for late-stage clinical supply of ADP101 and potential commercial product.

“Securing non-dilutive capital from Hercules provides Alladapt with the financial resources to advance toward our ultimate goal of commercializing a first-in-class oral immunotherapeutic for food allergy patients,” commented Glenn Reicin, Alladapt’s Chief Financial Officer. “In conjunction with the close of our recent equity raise, this non-dilutive capital extends our cash runway into 2024 and optimizes our ability to execute on our strategic priorities – which includes reporting data from our Harmony study and determining the best approach to maximize value for our shareholders.”

“Hercules is proud to partner with Alladapt as the company pursues its mission to redefine the treatment landscape for food allergies,” stated Cristy Barnes, Managing Director at Hercules Capital.

“We look forward to supporting Alladapt’s team as they continue to advance ADP101 through further clinical trials and potentially commercialization,” added Himani Bhalla, Managing Director at Hercules Capital.

Armentum Partners served as financial advisor to Alladapt on the transaction.

About Alladapt Immunotherapeutics


Alladapt Immunotherapeutics Inc. is a private, clinical-stage biopharmaceutical company developing prescription therapeutics targeting food allergy. The company is currently conducting the Harmony Study, a Phase 1/2, randomized, double-blind, placebo-controlled study evaluating the efficacy and safety of ADP101 for the treatment of food allergy in children and adults, and the Encore Study, an open-label extension study for its Harmony study. ADP101 is an investigational oral immunotherapy product candidate representing the nine food groups responsible for the vast majority of significant food allergic reactions globally.

Alladapt was co-founded in 2018 by biotechnology entrepreneur, Ashley Dombkowski, Ph.D. and allergist, clinician and protein biochemist, Kari Nadeau, M.D., Ph.D. Dr. Nadeau is also the Naddisy Foundation Endowed Professor of Medicine and Pediatrics and Director of the Sean N. Parker Center for Allergy and Asthma Research at Stanford University. Food allergen specific OIT conducted by Dr. Nadeau and other food allergy experts is an approach that has shown consistently promising results through administration of increasing amounts of an allergen to individuals with food allergy to raise the reactive threshold and decrease the severity of allergic responses to the allergenic food. This work, combined with research on disease mechanisms, pathways, and protein structures, led the founders to envision biopharmaceutical interventions capable of addressing food allergy due to a wide-ranging set of foods.

For more information, please visit the Company’s website at

www.alladapt.com

.

Source: Alladapt Immunotherapeutics, Inc.

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