Asceneuron, a clinical-stage biotech, has secured USD $100m of Series C financing to advance the clinical development of its pipeline of OGA inhibitors for the treatment of neurodegenerative diseases.
The financing was led by Novo Holdings, with EQT Life Sciences — a new investor — following suit.
Existing investors M Ventures, Sofinnova Partners, GSK Equities Investments and Johnson & Johnson Innovation were also involved.
ASN51 for Alzheimer's disease
The financing will be used to advance Asceneuron’s lead asset ASN51 into Phase II clinical development for the treatment of Alzheimer’s disease.
The small molecule drug is designed to inhibit OGA, an enzyme implicated in protein aggregation, and can be taken orally.
It is believed that such a drug can slow the progression of Alzheimer's disease; though it has also shown promise in treating other neurodegenerative diseases such as Parkinson's 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 I clinical trials, demonstrating complete central nervous system uptake and high OGA enzyme occupancy. Asceneuron plans to initiate its first Phase II clinical study later this year.
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 II clinical development, recognizing its potential to significantly expand treatment options for patients with Alzheimer’s disease.”
