AZTherapies, Inc., a Boston, MA-based biopharmaceutical company in advanced clinical trials to treat neuroinflammatory diseases, closed a $33.6m Series C-1 financing.
This C-1 round follows the receipt earlier this year of an additional $11.2m from the company’s previously announced Series C Preferred Stock financing, which raised aggregate gross proceeds of $37.5m.
The Series C-1 round was led by Malaysia-based publicly listed pharmaceutical company and new investor Duopharma Biotech Berhad. The Series C-1 round included existing investors, led by Spinnaker Capital as well as ID Fund, DRADS Capital, and Wexford Capital, each of which also participated in the earlier Series C round. In addition, Nextrans-KCLAVIS and Axiom Associates participated as new investors in the Series C round, and DEFTA Partners as a new investor in the Series C-1 round.
Led by David R. Elmaleh, Ph.D., Chairman and Chief Executive Officer, AZTherapies is an advanced clinical-stage biopharmaceutical company developing novel small molecules and biologic therapies that aim to fundamentally change neurodegenerative disease progression, extending normal cognition and function and improving quality of life in the aging population. Its lead candidate, ALZT-OP1, is built on a multi-modal approach that recognizes neuroinflammation as a root cause of serious neurodegeneration and seeks to stop or slow the progression of disease; the ALZT-OP1 Phase 3 COGNITE trial in early Alzheimer’s disease is fully enrolled, with trial completion expected in late 2020 and results in the first quarter of 2021. Following the lead program, the company is advancing candidates for the treatment of amyotrophic lateral sclerosis (ALS), post-ischemic stroke cognitive impairment, and are pursuing an innovative CAR-Treg program that could have broad application across a spectrum of neurodegenerative diseases.