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Crossbeta Biosciences B.V. Secures Funding for the Development of Its Drug Screening Platform

3/4/2013 11:21:35 AM

March 3rd, 2013 – Utrecht, The Netherlands -- Today, Crossbeta Biosciences announced that it has successfully secured funding to execute its plans for the next years. This financing round is based on investments by new as well as existing shareholders and includes an Innovation Grant from AgentschapNL. The proceeds will be used to further advance Crossbeta’s drug screening technology platform in several therapeutic areas where misfolded proteins play a role in the pathology and to establish drug discovery partnerships.

“This new round of investment signals that our technology represents huge potential for drug discovery in several misfolded protein disease areas such as Alzheimer’s and Parkinson’s disease. It is very rewarding to see that Crossbeta’s team has gained this level of trust from our current and new investors that we can unlock and successfully develop this potential. Today’s investment climate is harsh and we are very proud that we have obtained this significant financial commitment from investors supplemented with the financial support of the government agency AgentschapNL”, were some of the comments made by Guus Scheefhals, CEO of Crossbeta Biosciences.

About Crossbeta Biosciences:

Crossbeta Biosciences is a biotech company spun out of the Utrecht University Medical Center and owns a unique, proprietary drug screening technology for diseases involving misfolded proteins, such as Alzheimer’s, Parkinson’s and Huntington’s disease. Our technology allows the generation of well-defined stable, soluble and functional oligomers. With these stable oligomers as target it is feasible to very efficiently screen compound libraries to identify compounds that specifically interact with the oligomers and reduce their toxicity. We have demonstrated the unique capabilities of our technology platform with Aß oligomers which are implicated in Alzheimer’s disease and obtained several active compounds that inhibit the toxicity of these oligomers.

Crossbeta Biosciences is open to research collaborations and early partnerships and also provides services based on its technology to develop new oligomer targets and robust assays allowing for rapid screening of compound libraries to identify your novel drug candidates and to aid you in selecting your lead compounds for Alzheimer’s disease, Parkinson’s disease, Huntington’s disease and other misfolded protein diseases.

For further information:

Guus Scheefhals , CEO

Phone +31 30 253 2668

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