Held by 4 specialist biotech funds
High Convergence**Signal Note: RA Capital enters SPRY at scale** RA Capital's $126.5M initiating position in ARS suggests conviction in arsdesintide (ARS102), a selective glucocorticoid receptor modulator in Phase 2 for rheumatoid arthritis, likely ahead of near-term efficacy readouts expected in 2024-2025.
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# Signal Note: OrbiMed Initiates $96.6M Position in ARS Pharmaceuticals OrbiMed's entry into SPRY signals institutional conviction in ARS's lead asset neffy (epinephrine nasal powder) for anaphylaxis, a first-in-class intranasal alternative to auto-injectors with potential advantages in speed of onset and ease of use. The ~8.3M share position (likely ~5-7% stake based on typical fund sizing) suggests confidence in near-term value creation, possibly ahead of anticipated Phase 3 top-line data or regulatory interactions on the current NDA pathway. This marks a notable vote of confidence from one of biotech's largest dedicated investors at a time when non-injection anaphylaxis treatments remain clinically validated but commercially limited.
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