Aspen is now also considering the possibility of an initial public offering next year in an effort to bring its cell therapy to the market.
Aspen Neuroscience closed a series C round, counting $115 million in earnings that will help move its lead cell therapy program for Parkinson’s disease closer to the market.
In particular, the San Diego-based biotech said in its announcement Thursday that the money will go toward ANPD001, an investigational autologous dopaminergic neuronal precursor cell (DANPC) therapy that makes use of a patient’s own skin cells that are reprogrammed into pluripotent stem cells. Those stem cells are then differentiated into neurons that are transplanted back into the patient’s brain.
This approach, according to Aspen, can replace damaged nerve cells in patients with Parkinson’s while eliminating the need for immunosuppression.
ANPD001 is currently in a Phase I/II study, for which the biotech started enrollment into a third cohort in September.
Speaking to both Fierce Biotech and Endpoints News, Aspen CEO Damien McDevitt confirmed that, pending alignment with the FDA, Thursday’s series C could also open the doors to a Phase III study next year. Aspen is also looking to a regulatory meeting in the first half of next year.
But to bring ANPD001 to the market, Aspen will need more money, McDevitt told Endpoints, explaining that Thursday’s haul will likely run out by 2027—right when the company expects to start dosing patients in its late-stage study. That could mean another funding round next year, an acquisition agreement or even an initial public offering.
Aside from powering ANPD001’s development, Aspen will use its series C proceeds to scale its manufacturing capabilities and advance its other pipeline programs, including preclinical autologous stem cell-derived assets for yet-undisclosed neurological diseases.
Aspen’s fundraising round on Thursday was led by OrbiMed, ARCH Venture Partners, Frazier Life Sciences and Revelation Partners. Gilead subsidiary Kite also participated as a new investor. Aspen raised $70 million in its series A in April 2020, followed by a $147.5 million series B in May 2022.
