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Asceneuron SA, a clinical stage biotech company developing small molecules targeting tau protein aggregation, a root cause of neurodegenerative disease, has announced a 100 million USD oversubscribed Series C financing round to advance the clinical development of its groundbreaking clinical pipeline of OGA inhibitors for the treatment of neurodegenerative diseases.
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 Asceneuron’s lead asset ASN51 into Phase 2 clinical development for the treatment of Alzheimer’s disease. ASN51 is an oral small molecule drug designed to inhibit OGA, an enzyme implicated in protein aggregation. 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.
“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, recognising its potential to significantly expand treatment options for patients with Alzheimer’s disease," said Barbara Angehrn Pavik, Chief Executive Officer of Asceneuron.
Naveed Siddiqi, MD, Senior Partner, Venture Investments, Novo Holdings added: “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.”
Hakan Goker, PhD, Managing Director of M Ventures, the founding investor of Asceneuron, remarked on behalf of the existing investors: "Asceneuron has successfully developed highly differentiated oral OGA inhibitors from pre-clinical development to where they are today, entering Phase 2 development in patients with Alzheimer’s disease.
"ASN51 holds great promise as a next generation treatment for Alzheimer’s disease in addition to addressing other neurodegenerative diseases, including Parkinson’s disease and amyotrophic lateral sclerosis. Together with the current blue-chip investors like Sofinnova Partners, who led the series A round, we welcome the new strong investor group to continue supporting the company in this significant phase of development.”
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.