NeuroPhage, Inc. Raises $17 Million In Series D Financing
, March 25, 2014
/PRNewswire/ -- NeuroPhage Pharmaceuticals, Inc. today announced the completion of a $17 million
Series D financing from existing and new investors to advance the Company's lead candidate, NPT088, and potential next-generation compounds toward clinical trials. NPT088 has the potential to treat a wide range of neurodegenerative diseases, such as Alzheimer's disease, Parkinson's disease, Huntington's
disease and other rare diseases. The structure of this novel therapeutic candidate is based on NeuroPhage's GAIM (General Amyloid Interaction Motif) technology platform. GAIM uniquely recognizes both early and aggregated forms of multiple misfolded proteins, which allows simultaneous targeting of multiple types of disease-related protein deposits.
"This substantial financing will enable NeuroPhage to progress a robust IND-enabling package for NPT088 and prepare for the clinical evaluation of a completely new approach to treat devastating neurological diseases," commented Jonathan Solomon, President and Chief Executive Officer or NeuroPhage. "We are grateful for the continued support from our investors and look forward to advancing the GAIM platform which has the promise to address multiple disease-driving misfolded proteins simultaneously."
GAIM is a unique and proprietary approach to treat neurodegenerative diseases characterized by misfolded proteins, including Alzheimer's and Parkinson's diseases. Neurodegenerative disease drug development has proven to be extremely challenging, because pathologic misfolded protein aggregates, like plaques, tangles and other inclusions, accumulate in the brain long before symptoms are exhibited. While scientific evidence is accumulating that neurodegenerative diseases are frequently characterized by multiple types of misfolded proteins, all other current therapies in development target only one type of misfolded protein. GAIM targets multiple types of misfolded protein deposits, including amyloid beta plaques, tau tangles and Lewy bodies (alpha synuclein inclusions). GAIM also moves beyond traditional attempts to treat these diseases by not only preventing new deposits but also reducing pre-existing toxic aggregates. [Importantly, GAIM also reduces levels of early toxic oligomers in both extracellular and intracellular compartments, without binding to monomers, which could be detrimental. This is all accomplished with an excellent animal safety profile.
"NeuroPhage's recent progress in the understanding of the GAIM mechanism opens up various indications spanning the common diseases Alzheimer's and Parkinson's disease, and also rare ailments such as Huntington's disease and Transthyretin amyloidosis. This represents a breakthrough approach that holds great promise for patients," said Franz Hefti, Chairman of NeuroPhage's Scientific Advisory Board.
NeuroPhage Pharmaceuticals has fusion-protein drug candidates in development for neurodegenerative diseases, many of which cause progressive mental deterioration and dementia. NeuroPhage's technology is based on a General Amyloid Interaction Motif (GAIM) technology that simultaneously targets multiple misfolded proteins or amyloids central to many neurodegenerative diseases. In addition to targeting multiple pathological misfolded proteins, this unique disease-modifying approach recognizes both early amyloid assemblies as well as pre-existing protein aggregates to maximize potential therapeutic effect. NeuroPhage is initially developing candidates to treat Alzheimer's and Parkinson's disease, in which a number of different misfolded proteins accumulate, acting together to further exacerbate disease progression. www.neurophage.com
SOURCE NeuroPhage Pharmaceuticals, Inc.