San Francisco, California – October 31, 2013 – Alector LLC, a biotech company dedicated to the discovery and development of novel therapeutics for Alzheimer’s disease, other forms of dementia, and mechanistically related neurodegenerative disorders, announced the closing of their Series A financing. The founding team includes industry veterans Rinat Co-Founder and CSO Arnon Rosenthal, Ph.D., Dartmouth College Professor Tillman Gerngross, Ph.D., Columbia University Associate Professor Asa Abeliovich, Ph.D., and Adimab COO Errik Anderson. Alector’s strategy is to efficiently generate and validate antibody drugs with unique functional properties that engage key disease-altering targets. This approach is enabled by a strategic alliance with Adimab, the industry leader in discovery and optimization of antibody therapeutics.
The financing was led by Polaris Venture Partners and OrbiMed Advisors. General Partner Terry McGuire (Polaris) and General Partner Carl Gordon (OrbiMed) joined Alector’s Board of Directors. The proceeds from this financing will enable Alector to begin research and development on innovative targets.
“Alector’s strategy is to integrate state-of-the-art antibody technology with unique biological insight to develop a pipeline of novel medicines for Alzheimer’s disease, other forms of dementia and neurodegeneration. I am thrilled to be leading this outstanding group of entrepreneurs and scientists who share unwavering commitment to create breakthrough therapies for these crippling diseases.”
—Arnon Rosenthal, Co-Founder, President and CEO of Alector
“Alector has all the key ingredients for success: a devastating unmet medical need, world class scientists, premier life science investors, and a leading discovery technology to support the effort. Seeing those pieces come together I was excited to join,” added Professor Tillman Gerngross, Co-Founder and Chairman of the Board of Alector.
“Neurodegenerative diseases, such as Alzheimer’s disease, have poor treatment options; are a burden to patients, caregivers and society; and are of strategic interest to the pharmaceutical industry. OrbiMed believes that Alector’s combination of a talented management team and leading technology will lead to drugs that begin to satisfy the need for novel approaches to treat neurodegenerative disease.” —Carl Gordon, General Partner of OrbiMed
The Alector founding team is comprised of thought leaders in biotechnology, neuroscience, and antibody drug discovery. Alector is led by CEO Arnon Rosenthal PhD, a successful biotech entrepreneur (Executive Researcher at Genentech for 16 years, and Member of Genentech Research Review Committee; Co-Founder, CSO & President of Rinat Neuroscience - acquired by Pfizer in 2006 for ~$500M). Dr. Rosenthal’s expertise is complemented by co-founder Asa Abeliovich, MD/PhD (Associate Professor at the Taub Institute for the Aging Brain at Columbia University and Neurologist). Co-Founders Tillman Gerngross (Professor of Bioengineering at Dartmouth College; Co-Founder & CEO of Adimab; Co-Founder & CSO of GlycoFi - acquired by Merck in 2006 for $400M; Co-Founder & Chairman of the Board of Arsanis and Avitide) and Errik Anderson (Co-Founder, COO and Director of Adimab; Co-Founder & Director of Arsanis and Avitide) bring deep expertise in biotech management and antibody drug discovery.
About Alzheimer’s Disease
Alzheimer’s disease is the most common form of dementia, affecting over 5 million people in the US alone. It is characterized by gradual mental deterioration, loss of memory, and eventually death (it is the 6th-leading cause of death in the US). Alzheimer’s is a high-profile disease with diagnosis incidence rates expected to rise rapidly due to demographic trends. 11% of those over 65 have been diagnosed with Alzheimer’s. There are currently no methods to prevent, cure, or meaningfully slow its progression.
About Polaris Venture Partners
Polaris Venture Partners is a partnership of experienced private equity investors, operating executives and entrepreneurs. The firm’s mission is to identify, invest in and partner with seed, early stage, and middle market businesses with exceptional promise and help them grow into market-leading companies. The firm has over $3.5 billion under management, more than 20 investment professionals, and current investments in more than 100 companies.
About OrbiMed Advisors
From biopharmaceuticals to medical devices, diagnostics, and healthcare services, OrbiMed is scouting the globe for innovations that will help ensure humanity lives healthier, longer and more productive lives. We have been investing globally for over 20 years across the healthcare industry: from early-stage private companies to large multinational corporations. Our team of over 70 distinguished scientific, medical, investment and other professionals manage approximately $7 billion across public and private company investments worldwide.
About Alector LLC
Alector is combining state-of-the-art antibody technology and recent discoveries in neuroimmunology and human genetics to develop novel therapeutics for Alzheimer’s disease, other forms of dementia, and mechanistically related neurodegenerative disorders. Alector’s strategy is to efficiently generate and validate antibody drugs with unique functional properties that engage key disease-altering targets. This approach is enabled by a strategic alliance with Adimab, the industry leader in discovery and optimization of antibody therapeutics. Alector is currently developing leads for 4 major targets and anticipates taking 2 of these through pre-clinical development and IND enabling studies within 24 months. Alector has incorporated a highly integrated and lean biotechnology structure with extensive outsourcing that supports core scientific and management teams. For more information, contact info@alector.com. www.alector.com
Contact
MacDougall Biomedical Communications
Michelle Avery, PhD
781.235.3060
mavery@macbiocom.com
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