
Led by Novo Holdings, the latest investment in Asceneuron will be used to progress lead asset ASN51, an oral small molecule OGA inhibitor, into Phase 2 clinical development for the treatment of Alzheimer's disease.
Asceneuron SA, a Lausanne-based clinical-stage biotech company developing small molecules targeting tau protein aggregation, a root cause of neurodegenerative disease, announces its $100 million oversubscribed Series C financing round. The financing was led by Novo Holdings with new investment from EQT Life Sciences - LSP Dementia Fund, OrbiMed and SR One, alongside participation from existing investors M Ventures, Sofinnova Partners, GSK Equities Investments Limited and Johnson & Johnson Innovation – JJDC, Inc.
The financing will be used to advance the clinical development of its groundbreaking clinical pipeline of OGA inhibitors for the treatment of neurodegenerative diseases. This includes bringing its lead asset ASN51 into Phase 2 clinical trial. ASN51 is an oral small-molecule drug designed to inhibit OGA, an enzyme implicated in protein aggregation, developed for the treatment of Alzheimer’s Disease. By preventing the aggregation of tau proteins, ASN51 aims to slow the progression of Alzheimer's disease. OGA inhibition has also shown promising potential to prevent the aggregation of proteins that are central to other neurodegenerative diseases, including Parkinson's disease and amyotrophic lateral sclerosis.
ASN51's unique mode of action and convenient oral formulation make it an ideal therapy for patients with Alzheimer's disease. Asceneuron has completed five Phase 1 clinical trials, demonstrating complete central nervous system uptake and high OGA enzyme occupancy. Asceneuron plans to initiate its first Phase 2 clinical study later this year.
"Alzheimer's disease is undergoing a transformational moment. Millions are afflicted by this devastating disease and there are very few therapeutic options. Validated biomarkers are allowing for more focused and rapid development. We are now witnessing the approvals of the first disease-modifying antibody-based injectable therapies. Asceneuron's innovative oral small molecule drug targeting intracellular tau offers the potential for a paradigm shift in the way this neurodegenerative disease is treated", said Naveed Siddiqi, MD, Senior Partner, Venture Investments, Novo Holding.
Barbara Angehrn Pavik, Chief Executive Officer of Asceneuron, said: "This high caliber life sciences investor syndicate further validates the potential of our OGA inhibitor pipeline and leadership in the field of tauopathies. We are excited to advance our lead asset ASN51 into Phase 2 clinical development, recognizing its potential to significantly expand treatment options for patients with Alzheimer's disease."
New board members
In connection with the financing, Naveed Siddiqi of Novo Holdings, Philip Scheltens of EQT Life Sciences – LSP Dementia Fund and Dina Chaya of OrbiMed will join the Asceneuron board of directors, chaired by Abbas Hussain. Amit Shah, board director, will now represent new investor SR One (previously representing GSK). These Board directors join existing investor directors, Henrijette Richter of Sofinnova Partners and Hakan Goker of M Ventures.
(Press release/RAN)
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