Novo Holdings Leads $100 Million Series C Investment in Asceneuron to Advance Alzheimer's Therapy
Wednesday, July 17, 2024
Novo Holdings, a prominent life science investor, announced today it has spearheaded a $100 million Series C financing round for Asceneuron, a biotech company at the clinical stage focused on developing small molecules that target tau protein aggregation, which plays a significant role in neurodegenerative diseases. This funding will enable Asceneuron to advance its lead asset, ASN51, into Phase 2 clinical trials for Alzheimer's disease.
ASN51 is an oral small molecule designed to inhibit the enzyme OGA, which is involved in tau protein aggregation. By targeting tau aggregation, ASN51 aims to decelerate the progression of Alzheimer's disease. Furthermore, OGA inhibition has shown promise in preventing the aggregation of proteins that are central to other neurodegenerative diseases, including Parkinson's disease and amyotrophic lateral sclerosis.
With its unique mode of action and convenient oral formulation, ASN51 is well-suited as a therapy for Alzheimer's patients. Asceneuron has completed five Phase 1 clinical trials, demonstrating full central nervous system uptake and high OGA enzyme occupancy, indicating its potential advantages over competitors. The company plans to start its first Phase 2 clinical study later this year.
Asceneuron is led by a seasoned team and supported by a distinguished Scientific Advisory Board of experts in neurodegenerative diseases.
Dr. Naveed Siddiqi, Senior Partner of Venture Investments at Novo Holdings, remarked: "Alzheimer's disease is at a pivotal moment. Millions suffer from this debilitating condition, and therapeutic options are scarce. Validated biomarkers are facilitating more targeted and rapid development. We are now seeing the approval of the first disease-modifying antibody-based injectable therapies. Asceneuron’s innovative oral small molecule targeting intracellular tau has the potential to revolutionize the treatment of this neurodegenerative disease."
As part of this financing round, Dr. Siddiqi will join the Asceneuron Board of Directors.
Barbara Angehrn Pavik, Chief Executive Officer of Asceneuron, added: "The support from this esteemed life science investor group, led by Novo Holdings, underscores the promise of our OGA inhibitor pipeline and our leadership in tauopathies. We are enthusiastic about advancing ASN51 into Phase 2 clinical development, recognizing its potential to greatly expand treatment options for Alzheimer's patients."
This financing round was led by Novo Holdings, with additional new investment from EQT Life Sciences Dementia Fund, OrbiMed, and SR One, and participation from existing investors M Ventures and Sofinnova Partners.
Source: prnewswire.com
