Chase Therapeutics Announces $20 Million Series B Financing to Advance Clinical Trials in Parkinson’s Disease and Major Depressive Disorder
- Financing led by Chinalink Asia Holdings
- Javier Romero joins Board of Directors
WASHINGTON--(BUSINESS WIRE)-- Chase Therapeutics Corporation, a Washington, DC based clinical stage pharmaceutical company, today announced the completion of a milestone-based $20M Series B financing led by Chinalink Asia Holdings of Hong Kong. This new round builds on the earlier financings from Brain Trust Accelerator Fund II of Burlingame, CA, and the Rise of the Rest Fund and Makana Holdings of Washington, DC. The company also announced that Javier Romero, Chairman and CEO of Chinalink, will join the Board of Directors.
The proceeds of the Series B will support Phase 3 pivotal trials for CTC-501 for the treatment of Major Depressive Disorder (MDD) and CTC-413 for the treatment of Parkinson’s Disease (PD) as well as completion of the development and validation of a diagnostic product for Parkinson’s Disease.
“Major Depressive Disorder is a common psychiatric condition that affects women at twice the rate as men and for which there remains a significant need for new treatment options for the more than 300 million people worldwide who are living with this disease. CTC-501 clinical studies to date suggest the drug is well-tolerated, and rapidly provides symptomatic relief in those suffering from MDD,” said Thomas Chase, SD, MD, President and Chief Executive Officer, Chase Therapeutics. “Parkinson’s Disease is the second most common neurodegenerative disorder of the human central nervous system and affects over one million people in the US alone. Clinical results for CTC-413 in a proof-of-concept trial in Parkinson patients were encouraging, with effective symptom mitigation along with favorable indications of its neuroprotective potential. In addition, we are developing a unique diagnostic that could identify patients with PD earlier and more accurately. The funding announced today will allow us to advance all three programs into pivotal trials which, if successful, could help change the way we treat MDD and PD.”
Dr. Kathleen Clarence-Smith, co-founder and Board Chair of CTC welcomed Javier Romero, Chairman and CEO of Chinalink. “Javier Romero brings decades of international business experience to the Board of CTC,” said Dr. Clarence-Smith. “Javier is committed to making investments in highly innovative companies that will help shape the 21st century, ranging from climate change to artificial intelligence to biotech. We look forward to working with Javier as we advance our programs in Major Depressive Disorder and Parkinson’s Disease.”
“I am excited to help advance Chase’s highly promising products to market,” said Mr. Javier Romero, Chairman and CEO of Chinalink. “There is a growing global need for better treatment options that can improve the lives of people living with MDD and Parkinson’s disease. My goal is to help Chase Therapeutics make these therapies available to patients around the world including China and Europe.”
About Major Depressive Disorder
Major Depressive Disorder is a common psychiatric disorder mainly characterized by at least two weeks of low mood along with poor self-esteem, reduced energy and diminished interest in normally enjoyable activities. Symptoms can be periodic or continuous. They impair personal and work life as well as sleeping, eating, and general health. The disorder is estimated to affect more than 300 million of the world’s population. Onset usually occurs in early adult life, with females affected nearly twice as often as males. Risk factors include a family history of depression, major life changes, chronic health problems, and certain medications. The cause is poorly understood, but thought to involve a combination of genetic, environmental, and psychological factors. Treatment generally consists of counseling and/or antidepressant medications. Electroconvulsive therapy and transcranial magnetic stimulation may also be employed.
About Parkinson’s Disease
Parkinson’s disease is the second most common neurodegenerative disorder of the human central nervous system. It typically presents with three major clinical signs: resting tremor, muscular rigidity and slowing of movement. In addition, postural instability and various neurobehavioral abnormalities may occur. In the U.S. alone over a million individuals are afflicted by this inexorably progressive disorder. Along with the aging of the American population, prevalence rates and societal costs are expected to rise exponentially. Parkinsonian signs primarily reflect a loss of dopamine containing neurons in the basal ganglia. Drugs used to alleviate symptoms generally act by restoring brain dopamine-mediated function. None are known to alter the basic disease process. Indeed, notwithstanding prodigious investigative efforts spanning many decades, the cause and cure of this fatal disorder has remained elusive.
About Chase Therapeutics
Chase Therapeutics Corporation, since its inception in 2016, has pioneered the discovery and development of needed pharmaceuticals for brain disease. The company focuses on the rapid translation of therapeutic breakthroughs in neurosciences research that may help prevent and potentially cure central nervous system dysfunction. Lead drugs in its pipeline include CTC-413 for the palliative and neuroprotective treatment of Parkinson’s Disease and CTC-501 for Major Depressive Disorder. Both drugs, along with a companion diagnostic for Parkinson’s disease, are now entering Phase 3 development. Chase Therapeutics stands committed to improving the lives of all those afflicted by neuropsychiatric disease. For more information, please go to http://www.chasetherapeutics.com/
About Chinalink Asia Holdings Ltd
Chinalink´s private equity was founded by Mr. Javier Romero in 2009. Chinalink´s vision has been to invest in highly innovative companies destined to help shape the 21st century from climate change to artificial intelligence to biotech. As an integrated financial services group, the company supports its portfolio companies at each stage of their development from start up, through growth, to successfully established businesses.
Shoreline Biotech Communications
Source: Chase Therapeutics Corporation