Airway Therapeutics raises $50M to advance preterm-infant lung therapy
What's the deal? Airway Therapeutics has closed a $50 million Series E equity round to fund late-stage development of zelpultide alfa, its lead biologic for preventing bronchopulmonary dysplasia (BPD) in very preterm infants. The round combined $26 million previously raised through a SAFE financing and $24 million through the Series E-2 round.
Who's backing it? Cincinnati Children's and a syndicate of large family offices participated. About 94% of the company's existing investors joined the Series E-2 round, according to Airway.
What's the endgame? Proceeds will primarily support the ongoing Phase 2b portion of a Phase 2b/3 clinical trial evaluating zelpultide alfa, along with manufacturing and analytical work to advance the program. The Atlanta-based company describes itself as a late-stage clinical biopharmaceutical firm developing biologic therapies for respiratory, inflammatory, and infectious diseases.
Why now? Airway's next milestone is an interim analysis completing the Phase 2b portion of the trial, with results expected by the end of Q2 2027. Zelpultide alfa — a recombinant human surfactant protein D — targets a population with no approved preventive therapies for BPD.
Investor confidence. "We are extremely pleased by the strong participation and continued support of our existing investors," said Marc Salzberg, chairman and chief executive officer. He said roughly 94% of the current cap table participated, "reflecting their confidence in Airway, our team and the potential of zelpultide alfa."
Chief financial officer Alan S. Wolk said the capital supports both the clinical study and the "CMC and BLA readiness analytical work necessary to advance zelpultide alfa through late-stage development."
The signal: At $50 million, the round lands in the upper tier of biotech raises by size — a notable vote of confidence for a therapy targeting a serious unmet need in neonatal care, backed largely by existing investors rather than new entrants.
Image credit: Airway Therapeutics
