GliaCure Closes On $5.8 Million Financing
BOSTON, Aug. 4, 2014 /PRNewswire/ -- GliaCure, Inc., a company focused on developing novel, non-neuronal therapies for a range of neurological and neuropsychiatric disorders, today announced that it has successfully completed a $5.8 million B round financing, exceeding its original goal of $5 million. This financing round is incremental to its initial A round financing of $2.75 million in 2012 and includes both existing and new investors.
GliaCure director Walter Dewey said, "We are very excited to have exceeded our fundraising goal. We believe this financing demonstrates the deep commitment of our existing investors and the confidence new investors have in GliaCure's Alzheimer's disease drug development program. We are extremely grateful to all who have chosen to join the GliaCure adventure and look forward to deploying this capital to advance the company's upcoming Phase 1 clinical trial in Alzheimer's disease."
"This level of funding from a network of private investors and high net worth individuals is truly exceptional," said Phil Haydon, Ph.D., President and co-Founder of GliaCure. "It will allow us to push forward aggressively with our development program, particularly in Alzheimer's disease. We are confident that we will justify the trust that our investors have placed in us."
About GliaCure, Inc.
GliaCure is a privately held company that is pioneering the development of novel therapeutics aimed at treating neurological and neuropsychiatric disorders of the brain. The company's approaches are based on glial targets, a cell type in the brain that has previously been overlooked in drug discovery. GliaCure's lead product candidate, GC021109, is a small molecule that has two primary actions downstream of target engagement: the stimulation of phagocytosis and anti-inflammatory actions in which levels of pro-inflammatory cytokines are reduced. GC021109 is currently being developed primarily as a disease modifying treatment for Alzheimer's disease and will enter a clinical trial for the disorder in Q3 2014; however, the dual phagocytic and anti-inflammatory actions of GC021109 have the potential to affect other disorders, including psoriasis, Parkinson's disease, multiple sclerosis and glaucoma. GliaCure has an exclusive license to the GC021109 compound and related technology from Tufts University. GliaCure also has a pipeline program for the development of therapeutics for astrocytic targets related to sleep disorders and depression. The company is based in Boston and is headed by Professor Philip G. Haydon, who also holds the position of Chair of Neuroscience at Tufts University.
Media Contact:
Yolande Haydon
Business Manager
GliaCure, Inc.
610 246 6012
yolande.haydon@gliacure.com
SOURCE GliaCure, Inc.