- Funds will be used to progress lead asset ASN51, an oral small
molecule OGA inhibitor, into Phase 2 clinical development for
the treatment of Alzheimer's disease
- Alzheimer's disease is an area of very high unmet medical need
with a lack of oral disease modifying therapies
- Naveed Siddiqi, Senior Partner,
Venture Investments, Novo Holdings will join Asceneuron Board of
Directors
COPENHAGEN, Denmark,
July 16, 2024 /PRNewswire/
-- Novo Holdings, a leading life science investor, today
announces it led a $100 million
Series C Financing in Asceneuron, a clinical stage biotech company
developing small molecules targeting tau protein aggregation, a
driver of neurodegenerative disease. The financing will be used to
advance Asceneuron's lead asset ASN51 into Phase 2 clinical
development for the treatment of Alzheimer's disease.
ASN51 is an oral small molecule drug designed to inhibit OGA, an
enzyme implicated in tau protein aggregation. By preventing the
aggregation of tau proteins, ASN51 aims to slow the progression of
Alzheimer's disease. OGA inhibition has also shown promising
potential to prevent the aggregation of proteins that are central
to other neurodegenerative diseases, including Parkinson's disease
and amyotrophic lateral sclerosis.
ASN51's unique mode of action and convenient oral formulation
make it an ideal therapy for patients with Alzheimer's disease.
Asceneuron has completed five Phase 1 clinical trials,
demonstrating complete central nervous system uptake and high OGA
enzyme occupancy, indicating its potential for differentiation from
its competitors. Asceneuron plans to initiate its first Phase 2
clinical study later this year.
Asceneuron has a seasoned leadership team and a world class
Scientific Advisory Board of experts in neurodegenerative
diseases.
Naveed Siddiqi MD, Senior
Partner, Venture Investments, Novo Holdings said: "Alzheimer's
disease is undergoing a transformational moment. Millions are
afflicted by this devastating disease and there are very few
therapeutic options. Validated biomarkers are allowing for more
focused and rapid development. We are now witnessing the approvals
of the first disease modifying antibody based injectable therapies.
Asceneuron's innovative oral small molecule drug targeting
intracellular tau offers the potential for a paradigm shift in the
way this neurodegenerative disease is treated."
In connection with the financing, Naveed
Siddiqi will join the Asceneuron Board of Directors.
Barbara Angehrn Pavik, Chief
Executive Officer of Asceneuron, commented: "This high caliber
life science investor syndicate, led by Novo Holdings, further
validates the potential of our OGA inhibitor pipeline and
leadership in the field of tauopathies. We are excited to advance
our lead asset ASN51 into Phase 2 clinical development, recognizing
its potential to significantly expand treatment options for
patients with Alzheimer's disease."
The financing was led by Novo Holdings, with additional new
investment from EQT Life Sciences Dementia Fund, OrbiMed and SR
One, alongside participation from existing investors, M Ventures
and Sofinnova Partners.
About Novo Holdings A/S
Novo Holdings is a holding and
investment company that is responsible for managing the assets and
the wealth of the Novo Nordisk Foundation. The purpose of Novo
Holdings is to improve people's health and the sustainability of
society and the planet by generating attractive long-term returns
on the assets of the Novo Nordisk Foundation.
Wholly owned by the Novo Nordisk Foundation, Novo Holdings is
the controlling shareholder of Novo Nordisk A/S and Novonesis A/S
(Novozymes A/S) and manages an investment portfolio with a
long-term return perspective. In addition to managing a broad
portfolio of equities, bonds, real estate, infrastructure and
private equity assets, Novo Holdings is a world-leading life
sciences investor. Through its Seed, Venture, Growth, Asia, Planetary Health Investments and
Principal Investments teams, Novo Holdings invests in life science
companies at all stages of development.
As of year-end 2023, Novo Holdings had total assets of
EUR 149 billion.
www.novoholdings.dk.
About Asceneuron
Asceneuron is a clinical stage
biotech company focused on the development of orally
bioavailable therapeutics for debilitating
neurodegenerative disorders with high unmet medical need. The
company's pipeline reflects its ambition and commitment to
developing treatments for a wide range of
neurodegenerative diseases. Asceneuron has two
clinical-stage small molecule OGA inhibitors in development:
ASN90 (licensed to Ferrer Pharmaceuticals) for the treatment
of progressive supranuclear palsy (PSP) and a potential
best-in-class molecule, ASN51, for Alzheimer's disease. The company
is also planning to advance its pre-clinical development pipeline
in Parkinson's disease, amyotrophic lateral sclerosis (ALS)
and other neurodegenerative indications. Asceneuron is
backed by a renowned syndicate of investors consisting of
Alzheimer's Drug Discovery Foundation (ADDF), EQT Life
Sciences Dementia Fund, GSK Equities Investments Limited,
Johnson & Johnson Innovation – JJDC, Inc. (JJDC),
Kurma Partners, M Ventures, Novo Holdings, OrbiMed,
Sofinnova Partners and SR One. For more information, please
visit www.asceneuron.com.
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content:https://www.prnewswire.co.uk/news-releases/novo-holdings-leads-100-million-series-c-financing-of-asceneuron-to-advance-groundbreaking-therapy-for-alzheimers-disease-302197021.html