M Ventures Participates in Asceneuron's $ 100M Series C Financing to Advance Groundbreaking Therapeutics in Neurodegenerative Diseases

2024/07/16

Funds will be used to progress lead asset into Phase 2 clinical development for the treatment of Alzheimer’s disease

Asceneuron SA, a clinical stage biotech company developing small molecules targeting tau protein aggregation, a root cause of neurodegenerative disease, today announces an $100 million oversubscribed Series C financing to advance the clinical development of its groundbreaking clinical pipeline of OGA inhibitors for the treatment of neurodegenerative diseases. The financing was led by Novo Holdings with new investment from EQT Life Sciences Dementia Fund, OrbiMed and SR One alongside participation from existing investors M Ventures, Sofinnova Partners, GSK Equities Investments Limited and Johnson & Johnson Innovation – JJDC, Inc. (JJDC).

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 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. Asceneuron plans to initiate its first Phase 2 clinical study later this year.

This high caliber life sciences investor syndicate 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.

Barbara Angehrn Pavik, Chief Executive Officer of Asceneuron

In connection with the financing, Naveed Siddiqi of Novo Holdings, Philip Scheltens of EQT Life Sciences Dementia Fund and Dina Chaya of OrbiMed will join the Asceneuron board of directors. Amit Shah, board director, will now represent new investor SR One (previously representing GSK). These Board directors join existing investor directors, Henrijette Richter of Sofinnova Partners and Hakan Goker of M Ventures.

Together with the current blue-chip investors like Sofinnova Partners, who led the series A round, we welcome the new strong investor group to continue supporting the company in this significant phase of development

Hakan Goker, PhD, Managing Director of M Ventures, the founding investor of Asceneuron