Cortexyme Raises Seed Funding, Awarded Breakout Labs Investment
6/12/2014 10:48:21 AM
Cortexyme has raised more than $500,000 in seed funding including a $350,000 investment award from the Thiel Foundation’s Breakout Labs to pursue groundbreaking work for the diagnosis and treatment of Alzheimer’s disease and other disorders of aging.
Breakout Labs provides funding for companies to achieve specific milestones that are critical to their development. In addition to funding, Breakout Labs companies benefit directly from access to the Thiel Foundation’s large community of investors, innovators, and entrepreneurs.
“This peer-reviewed award provides validation of Cortexyme’s novel approach to neurodegenerative disorders and allows us to progress our development of diagnostics and treatments for patients,” said Casey Lynch, CEO of Cortexyme.
“Cortexyme has a truly novel scientific platform for treating degenerative diseases which, if proven, could have an enormous impact on human health. Our expert reviewers were very enthusiastic about the data they have generated to date and we look forward to working with the world-class team Cortexyme has brought together to bring this vision to fruition,” said Hemai Parthasarathy, Ph.D., Breakout Labs’ Scientific Director.
The seed funding includes a significant angel investment from veteran venture capitalist Roger Quy, Ph.D. “As an investor specializing in neuroscience, I have looked at a lot of deals in this space yet invested in only a few. Cortexyme is unique in its approach and a potential game changer if they can solve the puzzle we currently face in preventing or resolving Alzheimer’s disease,” said Roger Quy.
Cortexyme also announced the addition of VP Drug Discovery Andrei Konradi, Ph.D. previously Elan Pharmaceuticals, and the formation of its advisory board of industry veterans and academic experts including Roger Quy, Ph.D. General Partner, Technology Partners; David Lowe, Ph.D., CEO of NeuroAssets; Samer Kaba, M.D., Vice President, Medical Affairs, Neuroscience at Medpace; William Mobley, M.D., Ph.D., Department Chair and Professor of Neurosciences at UCSD; along with two specialists with expertise in the novel target, which remains confidential.
Cortexyme is a private company based in San Francisco California developing therapeutics to alter the course of Alzheimer’s and other disorders of aging. Cortexyme is targeting a specific, undisclosed pathogen tied to neurodegeneration, based on the work of Dr. Stephen Dominy, Division Director at San Francisco General Hospital and Associate Clinical Professor at UCSF. The target has been validated in a number of animal models and Cortexyme is currently testing several patent-pending lead therapeutics in preclinical studies. www.cortexyme.com
ABOUT BREAKOUT LABS
Breakout Labs, a program of the Thiel Foundation, is reshaping the way early-stage science and technology companies are funded. Founded in November 2011, Breakout Labs has supported 16 companies in areas ranging from food science and biomedicine to clean energy. For many of these companies, Breakout Labs was the first external investor. Breakout Labs provides up to $350,000 for companies to achieve specific milestones that are critical to their development. In addition to funding, Breakout Labs companies benefit directly from a program of mentorship and networking, with access to the Thiel Foundation’s large community of investors, innovators, and entrepreneurs. Successful grantees return a capped royalty stream and a small percentage of equity in their company to Breakout Labs and thereby contribute to the next generation of scientific innovation. For more information, www.BreakoutLabs.org.
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