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Investment will allow NeuroTherapia to continue the development of an orally available treatment for Alzheimer's disease. Joseph Rich, JD, MBA, Senior Director, Governance, Grants, and Policies, Cleveland Clinic Innovations, comments.
NeuroTherapia, Inc., a clinical-stage company and Cleveland Clinic Innovations portfolio company focused on developing treatments for neurodegenerative diseases, has secured $12.3 million in the first stage of its Series B financing. The round was led by Cleveland Clinic and included existing investors, Brain Trust Accelerator Fund II, Dolby Family Ventures and the Alzheimer's Drug Discovery Foundation (ADDF), and new investors like Foundation for a Better World and CRUINT. The funding will primarily support the clinical development of NTRX-07, an orally available cannabinoid receptor agonist, for the treatment of Alzheimer's disease. The company plans to raise additional funds for the second stage of financing, which will enable the development of a newly discovered molecule for a different neuroinflammation-related indication.
"We were pleased with the Phase 1b trial results that demonstrated a trend toward cognitive benefits in Alzheimer's disease and wanted to continue its development as rapidly as possible," commented Joseph Rich, JD, MBA, Senior Director, Governance, Grants, and Policies, Cleveland Clinic Innovations, and lead investor representative in this financing. "We believe that the Company's planned Phase 2a trial has the potential to not only demonstrate the ability of NTRX-07 to inhibit neuroinflammation, but it could also lead to an improvement in biomarkers of cognitive function in patients with Alzheimer's disease."
The Phase 1b trial results for NTRX-07 showed promising cognitive benefits in Alzheimer's disease, prompting the company to proceed with the planned Phase 2a trial. In addition to the Phase 2a trial, the funding will be used to study NTRX-07 in a preclinical model of ARIA (a side effect observed with therapeutic monoclonal antibodies) and to advance second-generation molecules for other conditions associated with increased neuroinflammation, such as pain, Parkinson's disease, or Amyotrophic Lateral Sclerosis (ALS).
Read the full press release via PR Newswire.
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