NeuroGenetic Pharmaceuticals Receives Investment from Abbott Biotech Ventures
NeuroGenetic Pharmaceuticals, Inc., a San Diego, Calif.-based biopharmaceutical company focused on Alzheimer’s disease (AD) therapeutics, has received an investment of undisclosed amount from Abbott Biotech Ventures.
The company intends to use the funding to expedite the development of its lead candidate, NGP 555, a proprietary molecule for the treatment/prevention of Alzheimer’s disease, including achieving immediate goal of initiating clinical trials.
NeuroGenetic also received a Small Business Innovation Research (SBIR) fast-track grant from the National Institutes of Health (NIH) for preclinical work on NGP 555. The first phase award is in the amount of $288k with future awards to approach $1m for each subsequent phase, which can be up to three rounds of additional funding for milestone-based achievements.
The company was founded in 2009 and today si led by president and CEO Dr. William T. Comer.