Health

Asceneuron Secures $100 Million Led by Novo for Alzheimer’s Drug Development

Jul 16, 2024 1 min read

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Swiss biotech company Asceneuron has secured $100 million in a Series C funding round led by Novo Holdings, the investment arm of the Novo Nordisk Foundation. This funding will be used to advance the development of ASN51, an oral small-molecule inhibitor of O-GlcNAcase (OGA) aimed at treating Alzheimer's disease by targeting tau protein buildup. The company plans to initiate a phase 2 clinical trial of ASN51 later this year. Novo Holdings will gain a seat on Asceneuron's board as part of the investment.

The funding round also saw participation from new investors such as EQT Life Sciences Dementia Fund, OrbiMed, and SR One, alongside existing investors including M Ventures, Sofinnova Partners, and Johnson & Johnson’s investment arm JJDC. Asceneuron's CEO, Barbara Angehrn Pavik, noted that the financing validates the potential of their OGA inhibitors pipeline, which aims to expand treatment options for Alzheimer's patients. The company has completed five phase 1 trials showing that ASN51 is absorbed into the central nervous system and binds to OGA. Asceneuron aims to demonstrate ASN51's superiority over similar treatments being developed by competitors like Biogen, Merck & Co, and Eli Lilly.

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