London, United Kingdom-based AstronauTx, a biotech company developing novel treatments for Alzheimer’s disease and other neurodegenerative disorders, raised GBP 48 million (USD 61 million) in Series A financing. The round took place on October 9, 2023. Novartis Venture Fund led the financing for the company. Leading global venture investors such as Brandon Capital, Bristol Myers Squibb, EQT Life Sciences investing from the LSP Dementia Fund, MPM Capital also joined in the funding. Meanwhile, an existing investor, the Dementia Discovery Fund, provided the investment.
Purpose of financing for AstronauTx
The company seeks to use the proceeds from the Series A financing to further advance the company’s portfolio of small-molecule drugs. It includes a clinical study in patients with Alzheimer’s disease for the lead programme. The treatments are expected to provide both symptomatic and disease-modifying benefits.
Earlier in September 2023, AstronauTx received an award from Innovate UK grant to fund preclinical work on one of its programmes.
What the company’s official has to add
Dr. Ruth McKernan, co-founder of AstronauTx, said, “We now know that the processes causing Alzheimer’s and other similar diseases are modifiable. Progress towards a compendium of new drugs against these devastating diseases is thankfully well underway. Our treatments will be oral drugs, applicable across multiple neurodegenerative conditions, and additive with mechanisms that are currently in late-stage development.
What the investors have to comment
Dr. Marianne Uteng, Managing Director at the Novartis Venture Fund, further said, “We are proud to have gathered a stellar international syndicate. Our mission is to develop new therapies for Alzheimer’s Disease. The founders and investors include world experts in neuroscience, and the founder’s discovery is thought to have potential in halting disease progression & improving patients’ quality of life.”
In addition, Dr Laurence Barker, Partner with the Dementia Discovery Fund, said, “DDF led the creation of AstronauTx to pursue the development of novel mechanisms to treat Alzheimer’s. The lean team have done a fantastic job building an exciting early stage portfolio. We are thrilled to see their hard work recognised by this leading venture syndicate and raise sufficient capital to advance these novel approaches into patients.”
About the company
The UK-based AstronauTx is a biotechnology company developing drugs for the treatment of Alzheimer’s disease. Dementia Discovery Fund launched the company in 2019. The company also received additional seed-stage funding from the UCL Technology Fund and the UK Future Fund. The purpose is to develop novel drugs to correct the disrupted physiology of the brain. It seeks to achieve this partly through improving the support function of astrocytes.
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