Monday, September 14, 2015
ACA Members Across US Band Together to Syndicate DealBy: Marianne Hudson, ACA Executive Director ACA members are getting very good at working together to fund interesting deals. The latest example: six member groups from literally all corners of the US were part of a $12 million series B financing. The investment in Cognition Therapeutics was led by Golden Seeds (New York and many cities), and included ACA members Cowtown Angels (Fort Worth), Maine Angels, PLSG Accelerator Fund (Pittsburgh), Tech Coast Angels (Southern California), and Ariel Southeast Angel Partners (Savannah), as well as additional life sciences investors. Cognition Therapeutics (CogRx) is focused on discovering and developing disease-modifying therapies for Alzheimer’s and related neurodegenerative diseases. Read the full press release below for all the details. Cognition Therapeutics Inc. (CogRx), a privately held pharmaceutical company focused on discovering and developing disease-modifying therapies for Alzheimer's and related neurodegenerative diseases, announced today that it has completed a Series B preferred stock financing totaling $12 million. Golden Seeds led the investment syndicate, which included, Bios Memory SPV1, Cowtown Angels, Scale Investors, Dolby Family Ventures, Maine Angels, as well as additional life sciences investors. Existing CogRx investors, including Ogden CAP, PLSG Accelerator Fund, Tech Coast Angels, ACE Fund, Ariel Southeast Angel Partners and M5Invest Partners also participated in the financing. "This latest round of financing is indicative of the growing commitment we are seeing from investors to find new and effective treatments for Alzheimer's disease," said Dr. Hank Safferstein, Chief Executive Officer. "We are emboldened by the recent scientific validation of the soluble Abeta oligomer binding target and the promise that our small molecule Abeta oligomer displacement approach could significantly improve the lives of patients and their families." CogRx will focus on advancing its first-in-class lead Alzheimer's program into Phase 1 clinical studies by the end of 2015. The Company's small molecule Abeta oligomer displacement drug has the potential to rapidly improve and possibly reverse the symptoms of Alzheimer's disease and to stop disease progression. In addition, the Company is using the funds to advance next generation compounds and unlock the potential of its platform for discovering drugs for other protein misfolding nervous system diseases. CogRx also announced two additions to its Medical Advisory Board: Dr. Steven T. DeKosky, MD, Aerts-Cosper Professor of Alzheimer's Research, Deputy Director, McKnight Brain Institute, and Dr. Lon S. Schneider, MD, Professor of Psychiatry, Neurology, and Gerontology, Keck School of Medicine of USC. These experts will bring their extensive experience in Alzheimer's research to help guide the development of CogRx's clinical trial program. "I am honored to be a part of this rapidly unfolding and exciting story," said Dr. Steven DeKosky. "The field has been searching for truly novel therapeutic approaches to treating and preventing Alzheimer's disease. CogRx's oligomer antagonist drug candidate is the first opportunity we have to test this modified amyloid hypothesis, which has been recently strengthened by the public disclosures from two large biopharmaceutical companies. I believe the CogRx drug candidate has the potential to not only improve cognitive function but to affect the course of disease through synaptic protection." Alzheimer's is the sixth leading cause of death in the United States and has an economic burden of $214 billion annually. By 2050 the number of people 65 and older with Alzheimer's is expected to nearly triple to a projected 13.8 million barring the development of medical breakthroughs to prevent slow or stop the disease.1 These facts and figures, combined with the lack of any approved drugs that can slow or halt disease progression, make Alzheimer's disease one of the most significant unmet medical needs of the present decade. Small molecule drugs that can significantly block and disrupt the binding and pathogenic signaling of the toxic forms of Abeta protein have the potential to dramatically improve the quality of life for Alzheimer's patients and their caregivers.
About CogRx's Small Molecule Soluble Abeta Receptor Antagonist Program
About CogRx
Forward-Looking Statements
SOURCE Cognition Therapeutics Inc. |