AirNexis Launches with $200M to Challenge Unmet Needs in COPD Treatment

PALO ALTO, CA – January 09, 2026 – A new, heavily-funded player has entered the respiratory disease arena with a clear mission: to deliver a more effective treatment for Chronic Obstructive Pulmonary Disease (COPD). AirNexis Therapeutics announced its official launch today, backed by an oversubscribed $200 million Series A financing round. The company is simultaneously acquiring the global rights (outside of Greater China) to a promising Phase 2 drug candidate, AN01, from Haisco Pharmaceutical Group.

The substantial financing was led by Frazier Life Sciences, a firm known for its strategy of building biotech companies from the ground up. The syndicate includes a roster of top-tier life sciences investors, including OrbiMed, SR One, Life Sciences at Goldman Sachs Alternatives, Longitude Capital, and Enavate Sciences, signaling strong confidence in the new venture's asset and leadership.

A High-Stakes Bet on a New Mechanism

The $200 million Series A round places AirNexis among the more significant biotech launches in recent memory, providing a robust financial runway to advance its lead asset through global clinical trials. The funding will be directed entirely toward the development of AN01, an inhaled dual phosphodiesterase (PDE) 3 and 4 inhibitor for the treatment of COPD.

Frazier Life Sciences, the lead investor, has a track record of creating companies around compelling clinical-stage assets. “Company creation is a key strategy for Frazier, and we are excited to launch AirNexis as a new company focused on the global development of this compelling clinical stage asset,” said Anna Chen, Ph.D., Partner at Frazier Life Sciences. “We look forward to collaborating with Haisco, our co-investors and the management team to work towards building a leading respiratory company and advancing meaningful new therapies for patients.”

At the helm of the new company is CEO Maria Fardis, Ph.D., MBA, a venture partner at Frazier with previous experience leading biotech startups. “While recent therapeutic advances have given the COPD community new treatment options, we believe there is room for improvement with respect to efficacy and patient experience,” said Dr. Fardis. Her leadership, combined with a board of seasoned investors and entrepreneurs, is a core part of the strategy to navigate the complex path of drug development.

Targeting a Stubborn Disease

COPD is a progressive and debilitating lung disease that affects hundreds of millions of people worldwide and is a leading cause of death. The market for COPD treatments is substantial, projected to grow from over $11 billion in 2024 to more than $30 billion by the early 2030s. This growth reflects a significant and persistent unmet medical need.

For decades, the standard of care has revolved around bronchodilators to open airways and inhaled corticosteroids to manage inflammation. While these therapies, including modern triple-therapy inhalers, can control symptoms and reduce the frequency of exacerbations, they have limitations. Critically, no existing treatment has been proven to halt or reverse the underlying progression of lung damage. Many patients continue to suffer from debilitating breathlessness, frequent flare-ups, and a diminished quality of life despite being on maximal therapy.

This therapeutic gap has created a demand for novel mechanisms that can more effectively address the dual drivers of COPD: airway constriction and chronic inflammation. This is precisely the space AirNexis and its lead candidate, AN01, are targeting.

The Science of Dual Inhibition: What is AN01?

AN01, also known as HSK39004, is not just another bronchodilator. It belongs to an emerging class of drugs known as dual PDE3/4 inhibitors. These enzymes, phosphodiesterases 3 and 4, are involved in key cellular pathways that regulate both airway smooth muscle tone and inflammatory processes.

By inhibiting PDE3, the drug promotes the relaxation of airway muscles, leading to bronchodilation and easier breathing. By simultaneously inhibiting PDE4, it reduces the release of inflammatory factors from immune cells, tackling the chronic inflammation that drives lung damage in COPD. This dual mechanism of action is believed to have a synergistic effect, offering a more comprehensive approach than targeting either pathway alone.

This therapeutic class recently gained significant validation with the FDA's approval of the first dual PDE3/4 inhibitor, demonstrating a viable regulatory and clinical path. AN01 aims to build on this momentum, potentially offering a differentiated profile. AirNexis highlights that the drug will be available in two inhaled forms—a suspension and a powder—which could provide important options for patient preference and delivery. “With two dosage forms available, an inhalation suspension and an inhalation powder, AN01 may offer meaningful therapeutic options over those that are currently available,” Dr. Fardis noted.

A Global Partnership for a Global Problem

The creation of AirNexis is built upon a strategic cross-continental partnership. The company in-licensed AN01 from Haisco Pharmaceutical Group, a Chinese firm that has already advanced the drug into Phase 2 trials in China. This arrangement allows AirNexis to bypass the lengthy and costly early-stage discovery process and immediately begin late-stage global development.

Under the terms of the agreement, Haisco receives a significant stake in the new company's success, including a 19.9% equity stake in AirNexis and a $40 million upfront cash payment. Furthermore, Haisco is eligible for up to $955 million in future payments tied to regulatory and commercial milestones, in addition to low double-digit royalties on net sales. In return, AirNexis secures the exclusive rights to develop and commercialize AN01 in all territories outside of Mainland China, Hong Kong, Taiwan, and Macau, which Haisco retains.

This deal structure exemplifies a modern, capital-efficient approach to drug development. Haisco gains a world-class, well-funded partner to take its asset global, while AirNexis gains a de-risked, mid-stage clinical asset poised for a large market. It’s a symbiotic relationship designed to accelerate the drug’s path to patients worldwide. With its new funding and experienced leadership, AirNexis is now positioned to initiate its own clinical trials and carry the torch for AN01 on the global stage.