Atlanta-based Airway Therapeutics, Inc. has closed a USD 50 million equity round to fund the late-stage clinical development of zelpultide alfa, a recombinant human surfactant protein D (rhSP-D) being evaluated for the prevention of bronchopulmonary dysplasia (BPD) in very preterm infants — a condition for which no approved preventive therapy currently exists.
The raise combines USD 26 million previously secured through a SAFE financing with USD 24 million from the Series E-2 round. Cincinnati Children's — which has both institutional and research ties to the company's founding — participated alongside a syndicate of family offices. Approximately 94% of existing investors participated in the broader E-round, the company said. Proceeds will primarily support completion of the ongoing Phase IIb/III trial, as well as chemistry, manufacturing and controls (CMC) and analytical work required for biologics license application (BLA) readiness. Airway Therapeutics was spun out of Cincinnati Children's Hospital Medical Center in 2011, built on roughly a decade of surfactant protein research by Dr. Jeffrey A. Whitsett, whose laboratory cloned the genes encoding surfactant proteins A, B, C, and D and established the causal link between SP-D deficiency and pulmonary pathology. Dr. Whitsett remains a scientific advisor to the company.
Zelpultide alfa is engineered to replicate the native protein's full dodecameric quaternary structure with optimized glycosylation — attributes the company said are necessary for full multivalent pathogen-binding activity, correct immune cell receptor engagement, and anti-inflammatory signaling. The molecule carries US FDA and EU Orphan Drug Designation for BPD prevention. Its Phase Ib study demonstrated a favorable safety and tolerability profile in very preterm infants, supporting advancement into the current pivotal trial. The EMA's Paediatric Committee agreed a Paediatric Investigation Plan for zelpultide alfa in August 2025, establishing the pediatric development program intended to support a future European marketing authorization application.
The next major milestone is an interim analysis completing the Phase IIb portion of the trial, with results expected by the end of Q2 2027.
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