Clinical-stage biotech company Asceneuron has announced an oversubscribed Series C financing round, securing $100m for advancing therapeutics in neurodegenerative diseases.
The company will use the proceeds to advance the clinical development of its OGA [O-GlcNAcase] inhibitors pipeline, targeting tau protein aggregation.
Novo Holdings led the funding round, which also saw participation from new investors EQT Life Sciences – LSP Dementia Fund, OrbiMed and SR One, as well as continuing support from existing investors.
The capital injection will expedite the progression of Asceneuron's lead compound, ASN51, into Phase II trials for Alzheimer's disease treatment.
The oral drug aims to inhibit the OGA enzyme linked to protein aggregation, potentially slowing Alzheimer's progression.
This strategy may also be effective against other neurodegenerative conditions, such as Parkinson's disease and amyotrophic lateral sclerosis.
Asceneuron has completed five Phase I clinical trials, confirming ASN51's full central nervous system penetration and substantial OGA enzyme occupancy.
The company is poised to launch its inaugural Phase II clinical study in the second half of 2024.
Asceneuron CEO Barbara Angehrn Pavik stated: “This high calibre life science investor syndicate, led by Novo Holdings, further validates the potential of our OGA inhibitor pipeline and leadership in the field of tauopathies [neurodegenerative disorders characterised by the deposition of abnormal tau protein in the brain].
“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.”
Asceneuron has appointed Philip Scheltens of EQT Life Sciences – LSP Dementia Fund, Naveed Siddiqi of Novo Holdings and Dina Chaya of OrbiMed to its board of directors.
Chaired by Abbas Hussain, the board will also include Amit Shah of SR One.
They join existing board members Henrijette Richter of Sofinnova Partners and Hakan Goker of M Ventures.
