Swiss-based biotech company Asceneuron has successfully raised an additional $100 million for the development of drug therapies that target proteins linked to Alzheimer’s disease and other cognitive brain conditions.
The Series C financing will advance the clinical development of drug therapies known as OGA inhibitors for the treatment of neurodegenerative diseases, according to the company. The fundraise was led by Novo Holdings.
The $100 million fundraise will advance Asceneuron’s ASN51 drug therapy into a new phase for clinical development for the treatment of Alzheimer’s disease. The drug is designed to inhibit OGA, an enzyme involved in protein aggregation seen in Alzheimer’s patients.
“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,” said Barbara A. Pavik, CEO of Asceneuron, in the news release regarding the fundraise.
The drug is taken in capsule form and aims to prevent toxic proteins from aggregating, a key mechanism in the proliferation of Alzheimer’s and Parkinson’s diseases in a patient’s brain.
Alongside the funding announcement, Asceneuron said ASN51 showed “promising potential” in fighting Alzheimer’s disease, Parkinson’s disease, and amyotrophic lateral sclerosis.
The raise of $100 million comes as Alzheimer’s disease is “undergoing a transformational moment,” according to Novo Holdings Senior Partner Naveed Siddiqi, referencing recent breakthroughs in biomarker testing that have paved the way for more rapid drug therapy 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,” Siddiqi said.
Earlier this month, the U.S. Food and Drug Administration (FDA) approved the drug donanemab, which will be marketed by its manufacturer, Eli Lilly, under the brand name Kisunla.
