Seattle biotech heavy-hitters emerge from stealth with $46M for next-gen migraine treatments

Vedana Therapeutics, a Seattle-based startup aiming to prevent migraine attacks, emerged from stealth Wednesday with $46 million and a leadership team of heavy-hitters in cutting-edge migraine treatment.

The new funding will allow the company to advance antibody therapies targeting migraine-related signaling pathways — candidates patients could eventually self-administer by injection at home.

Members of Vedana’s executive team, board of directors and advisors include researchers who have developed antibody therapies against two types of proteins: calcitonin gene-related peptides (CGRP) and a newer target called pituitary adenylate cyclase-activating polypeptides (PACAP).

“First-generation CGRP therapies were a major step forward in the treatment of migraine, but most patients are still not adequately controlled,” said Anurag Agarwal, Vedana’s co-founder and CEO, in a statement.

While CGRP medicines represented the first specialized therapies for migraine, roughly two-thirds of patients still suffer from the condition. A migraine attack can trigger a cascade of symptoms unfolding over days, potentially including nausea, light sensitivity and disrupted sleep; flashing lights or partial vision loss; moderate to severe headaches; and fatigue and brain fog.

Vedana’s lead drug candidate program is a next-generation PACAP antibody, and its second targets both PACAP and CGRP.

The startup has 14 employees. Its leadership includes:

• Agarwal previously worked as an investor at Osage University Partners, which helped commercialize academic research.
• Leon Garcia, co-founder and chief scientific officer, previously oversaw the discovery and development of both CGRP and PACAP antibodies at Alder Biopharmaceuticals, a Seattle-area company acquired by Lundbeck seven years ago for $1.95 billion.
• Dr. Ernesto Aycardi, chief medical officer, previously led clinical development of the migraine drug AJOVY at Teva.
• Dr. Rob Lenz, executive chair of Vedana’s board of directors, is the former head of global development at Amgen, where he led the development of competing migraine treatment Aimovig.

Major biotech companies marketing approved CGRP antibody therapies include Amgen, Eli Lilly, Teva and Lundbeck. In the PACAP space, Vedana faces competition from Lundbeck, Mentari Therapeutics and Slate Medicines.

Vedana’s Series A round was co-led by Westlake BioPartners and Canaan Partners, with participation from Dawn Biopharma and Alexandria Venture Investments.