AltPep, a Seattle, WA-based biotechnology company, raised $53M in Series B funding.
The round was led by Senator Investment Group, with participation from new financial investors Section 32, Partners Investment, and Eli Lilly and Company. Investors in its Series A, including Alexandria Venture Investments and Matrix Capital Management Company, LP, also participated in the Series B. In conjunction with the financing, Rohit Vanjani of Senator Investment Group will be appointed to AltPep’s Board of Directors and Ronald DeMattos, Ph.D., Senior Vice President and Chief Scientific Officer for Neurobiologicals at Lilly, will join AltPep’s Scientific Advisory Board.
The company intends to use the funds to accelerate its SOBIN therapeutics into Phase 1 clinical trials for both Alzheimer’s and Parkinson’s diseases. Funds will also be used to advance AltPep’s first SOBA™ diagnostic, which has FDA Breakthrough Designation, toward FDA clearance.
Led by Valerie Daggett, Ph.D., Founder and CEO, AltPep is developing a disease-modifying treatments and detection tools for amyloid diseases by targeting early molecular triggers: toxic soluble oligomers. Its customized, synthetic peptides are designed to bind selectively to toxic oligomers in order to both detect and neutralize them throughout disease progression. AltPep’s lead programs aim to identify Alzheimer’s and Parkinson’s disease before symptoms occur with SOBA diagnostics and then neutralize the toxic oligomers associated with these diseases with SOBIN therapeutics.
FinSMEs
26/06/2023