- EQT Life Sciences has invested in Asceneuron's oversubscribed Series C and Prof. Philip Scheltens will join the Asceneuron Board of Directors
- Asceneuron - which is developing small molecules targeting tau protein aggregation, a root cause of neurodegenerative disease - will use the funds to progress its lead asset ASN51 into Phase 2 clinical development for the treatment of Alzheimer's disease
AMSTERDAM, July 16, 2024 /PRNewswire/ -- EQT Life Sciences is pleased to share that the LSP Dementia Fund has invested in Asceneuron SA ("Asceneuron" or "the Company"), a clinical stage biotech company developing small molecules, targeting tau protein aggregation, a root cause of neurodegenerative disease. New investors in the oversubscribed USD 100 million Series C also include Novo Holdings - which led the round - OrbiMed and SR One. Existing investors M Ventures, Sofinnova Partners, GSK Equities Investments Limited and Johnson & Johnson Innovation also participated. Prof. Philip Scheltens, Partner and Head of the LSP Dementia Fund, will join the Asceneuron Board of Directors, and Dr. Arno de Wilde, Director at the Fund will join as board observer.
The financing will be used to advance the clinical development of Asceneuron's clinical pipeline of OGA inhibitors for the treatment of neurodegenerative diseases. Primarily, Asceneuron plans to take its lead asset, known as 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 promise in the prevention of other neurodegenerative diseases, including Parkinson's disease and amyotrophic lateral sclerosis.
Asceneuron has completed five early-stage clinical trials, showing that their treatment effectively reaches the brain and targets the OGA enzyme. Asceneuron plans to initiate its first Phase 2 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 be working with the LSP Dementia Fund given their outstanding track record in the field of Alzheimer's disease as we advance our lead asset ASN51 into Phase 2 clinical development, recognizing its potential to significantly expand treatment options for patients with Alzheimer's disease".
New Asceneuron Board Member and Head of the LSP Dementia Fund Prof. Philip Scheltens added: "Dementia and other neurodegenerative diseases are some of the greatest healthcare challenges of our time. With our LSP Dementia Fund, EQT Life Sciences can invest in innovative companies across the neurodegenerative spectrum. Asceneuron is exactly this kind of company. Its clinical pipeline has breakthrough potential to change patients' lives for the better and we're delighted to be joining Asceneuron on its journey."
Contact
EQT Press Office, press@eqtpartners.com
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