Vedana, a company targeting PACAP for migraine prevention, emerges from stealth mode with a $46 million Series A funding round.
Vedana Therapeutics has officially launched after operating in stealth mode, securing $46 million in Series A funding. The round was co-led by Westlake BioPartners and Canaan Partners, with participation from Dawn Biopharma and Alexandria Venture Investments. Based in Seattle, the company is developing antibody therapeutics targeting PACAP (pituitary adenylate cyclase-activating peptide), a next-generation target for migraine prevention. Westlake BioPartners, founded in 2019 by former Amgen neuroscience leaders, has approximately $1.3 billion in AUM and focuses on investing in non-opioid pain treatments.
The company is pursuing a dual-track pipeline strategy, with two programs in development. The first is a single-target anti-PACAP monoclonal antibody, and the second is a bispecific antibody that simultaneously inhibits PACAP and CGRP. PACAP is similar to CGRP but acts through a distinct pathway to trigger migraines, and it is believed to act on both the sensory and parasympathetic nervous systems, potentially offering a broader therapeutic effect. The company is currently in the preclinical stage and aims to initiate first-in-human trials in 2027.
A key competitive advantage is the team's experience in developing and launching anti-CGRP drugs. Co-founder and CSO, Dr. Leon Garcia, has 30 years of experience and previously worked on anti-CGRP and anti-PACAP antibodies at Alder BioPharmaceuticals. CMO, Ernesto Aycardi, led the pivotal clinical trials and post-market studies for Teva's Ajovy (fremanezumab). Board member, Rob Lenz, oversaw the global development of Amgen's Aimovig (erenumab), and advisors Marcelo Bigal and Steven James are from Labrys Biologics (now Teva). This team, which played a key role in the CGRP era, is now aiming to usher in the PACAP era.
In terms of competition, Lundbeck (HLUKF) is a frontrunner with its anti-PACAP antibody, bocunebart (Lu AG09222). The Phase 2b PROCEED trial achieved its primary endpoint, with results presented at the AHS meeting in June 2026, demonstrating a statistically significant reduction in monthly migraine days in patients who had failed 1-4 prior CGRP treatments. Lundbeck is now preparing for Phase 3 regulatory discussions. In contrast, Eli Lilly's (LLY) LY3451838 failed to meet its primary endpoint in Phase 2, impacting its development. In the same therapeutic area, Mentari Therapeutics is preparing for an IPO, and Slate Medicines has raised $130 million.
The global CGRP inhibitor market is projected to reach $6.5 billion in 2026 and $12.5 billion in 2033 (CAGR of 9.7%), while the overall migraine treatment market is expected to grow to $21.5 billion by 2035. Despite the availability of approved CGRP drugs (Aimovig, Ajovy, Emgality, Vyepti), approximately two-thirds of patients do not achieve optimal migraine control, creating a multi-billion dollar market opportunity for anti-PACAP therapies, both as monotherapies and in combination with CGRP inhibitors. Vedana's bispecific antibody strategy is designed to address this unmet need.
The clinical efficacy of targeting PACAP was first demonstrated by Lundbeck's bocunebart in a successful Phase 2b trial (results presented at the June 2026 AHS meeting), and Vedana is the only company developing a PACAP+CGRP bispecific antibody, adding a unique dimension to the field. With the global migraine prevention market projected to reach $21.5 billion by 2035, and approximately two-thirds of patients failing to achieve optimal control with existing CGRP therapies, the market opportunity for anti-PACAP therapies is in the billions of dollars. The management team's experience in launching Aimovig and Ajovy, and their understanding of the regulatory pathway from preclinical to approval, reduces execution risk. However, as demonstrated by the Phase 2 failure of Eli Lilly's LY3451838, targeting PACAP does not guarantee success, and if Lundbeck can establish itself in the market during Phase 3, it will be more difficult for Vedana to compete. The initiation of human clinical trials in 2027 will be a key inflection point in determining the true value of this program.
Source: BioPharma Dive (rss)
https://www.biopharmadive.com/news/vedana-migraine-stealth-launch-biotech-pacap/822960/