TauRx Pharmaceuticals Ltd., a Singapore-based company that develops new treatments and diagnostics for a range of neurodegenerative diseases, received a USD10.5m equity investment from Dundee Corporation of Toronto.
The company intends to use the proceeds for the on-going program of three Phase 3 clinical trials of LMTX™, its novel compound currently in development as a disease-modifying treatment for Alzheimer’s Disease (“AD”) and behavioural-variant Fronto-Temporal Dementia (“bvFTD”).
Dundee had made its USD20m initial investment in TauRx in September 2011.
Led by Professor Claude Wischik, Executive Chairman and Co-Founder, the company was established in Singapore in 2002 with the aim of developing new treatments and diagnostics for a range of neurodegenerative diseases based on a new approach which targets aggregates of abnormal fibres of Tau protein that form inside nerve cells in the brain.
TauRx has primary research facilities are in Aberdeen, Scotland.