Aardvark Therapeutics moves closer to float with Series C venture round

Aardvark Therapeutics might not have scored the biggest venture haul in May, but its $85 million Series C round will further strengthen rumors that the California-based company is gearing up for an initial public offering (IPO) this summer, which could come as soon as late July.

Investor interest in what very much looks like a cross-over round has no doubt been sparked by the group’s lead product ARD-101, which has shown it can help blunt the food cravings of Prader-Willi Syndrome patients. While Prader-Willi is a rare genetic disorder, the hope is that ARD-101’s success here can be replicated in the much bigger and more lucrative obesity market.

Last June, Aardvark reported the results of a small 20-patient study showing that ARD-101 had a positive impact on hunger scores in obesity patients. Additionally, the small molecule drug also showed increased weight control compared with placebo, despite the weight loss not being the main focus of the study.