FRAMINGHAM, Mass.--(BUSINESS WIRE)--Alzheon, Inc., a clinical-stage biopharmaceutical company focused on brain health, memory and aging, announced today that it has closed a $10 million Series A financing round. This equity financing was led by Ally Bridge Group and included investments from other new and existing investors.
Proceeds of the financing will be used to advance Alzheon’s lead drug candidate, ALZ-801, an oral, small molecule, first-in-class inhibitor of amyloid formation and neurotoxicity, toward completion of the clinical and regulatory studies for initiation of a potential pivotal clinical study in Alzheimer’s disease in the near future. Alzheon’s upcoming clinical and regulatory programs build on the positive Phase 1 results with ALZ-801 reported in March 2015, which demonstrated favorable pharmacological properties of ALZ-801, a prodrug of tramiprosate. In addition, the company will leverage post hoc efficacy analyses and safety data from an extensive Phase 3 program of tramiprosate in patients with Alzheimer’s disease. These analyses showed sustained efficacy on cognition and function in a population of patients with Alzheimer’s disease that are positive for the ε4 gene variant of apolipoprotein E (ApoE4), associated with increased risk of Alzheimer’s disease. Additionally, the safety dataset from the tramiprosate program, which included more than 2,000 Alzheimer’s subjects treated with the small molecule tramiprosate, showed that tramiprosate was generally safe and well tolerated, and did not show brain edema, hemorrhages, or any clinical correlates of such neurological adverse events.
“With our advanced amyloid-targeting ALZ-801 clinical candidate, we are well-positioned in the dynamic field of drug candidates for Alzheimer’s disease. The excitement in our company was reflected in the strong interest we have received for our Series A fundraising, which we designed to support our plans to initiate a pivotal study of ALZ-801 in Alzheimer’s disease,” said Martin Tolar, M.D., Ph.D., Founder, President and Chief Executive Officer of Alzheon. “There is substantial clinical evidence that the reduction in brain amyloid translates into improvements in cognitive and functional outcomes of patients. ALZ-801 offers a unique mechanism of action that has the potential to be effective against brain amyloid as an orally-administered treatment, without the limitations of the adverse side effects reported with antibody drug candidates currently being evaluated for Alzheimer’s disease.”
“Alzheon has an opportunity to make a truly transformational impact on the treatment of patients with Alzheimer’s disease,” commented Jean-Pierre Sommadossi, Ph.D., Chairman and CEO of Atea Pharmaceuticals and a member of Alzheon’s Board of Directors. “Alzheon’s lead drug candidate, ALZ-801, offers a promising small molecule approach to target an important amyloid mechanism of Alzheimer’s disease, and to address the unmet medical needs of millions of patients with Alzheimer’s disease.”
Alzheon, Inc., a clinical-stage biotechnology company focused on brain health, memory and aging, develops innovative treatments for Alzheimer’s disease and other neurological and psychiatric disorders. The company pursues product candidates for which there is evidence of both target engagement and clinical safety and efficacy, and where new insights and development strategies can be applied. Alzheon’s lead product candidate, ALZ-801, is an oral small molecule inhibitor of amyloid aggregation and neurotoxicity with potential to be a first-in-class therapy for a genetically defined population of patients with or at high risk for Alzheimer’s disease. For more information, please visit www.alzheon.com.
About Ally Bridge Group
Ally Bridge Group, founded and led by Frank Yu, is a global healthcare-focused investment platform with bases in Hong Kong and the United States. Ally Bridge Group and its affiliates manage over $700 million in assets in the United States, China and Europe, and have expertise in cementing strategic partnerships between emerging healthcare companies and industry leaders, and across different geographies, especially between the United States and China.