Asceneuron SA, a clinical-stage biotech company focused on developing small molecules that target tau protein aggregation in neurodegenerative diseases, has announced a $100 million oversubscribed Series C financing round. These funds will be leveraged to advance their lead asset, ASN51, into Phase 2 clinical development.
Novo Holdings spearheaded the funding, which included participation from EQT Life Sciences’ LSP Dementia Fund, OrbiMed, and SR One in addition to previous backers M Ventures, Sofinnova Partners, GSK Equities Investments Limited, and Johnson & Johnson Innovation – JJDC, Inc.
Advancing ASN51
ASN51 is an oral small molecule OGA (O-GlcNAcase) inhibitor designed to prevent the aggregation of tau proteins, a key factor in the progression of Alzheimer’s disease. The drug has shown potential in preclinical studies to address other neurodegenerative diseases, including Parkinson’s disease and amyotrophic lateral sclerosis (ALS).
By completing 5 Phase 1 clinical trials, ASN51 has shown complete central nervous system uptake and high OGA enzyme occupancy. Later this year, Asceneuron intends to start its first Phase 2 clinical trial.
Leadership and Investor Confidence
Barbara Angehrn Pavik, Chief Executive Officer of Asceneuron, said: “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.”
Naveed Siddiqi, MD, Senior Partner, Venture Investments at Novo Holdings, commented on the significant impact of ASN51, highlighting its innovative approach and potential to transform Alzheimer’s treatment.
Hakan Goker, PhD, Managing Director of M Ventures, acknowledged the success of Asceneuron in developing differentiated oral OGA inhibitors and welcomed the new investors who will support the company’s significant phase of development.
Board of Directors
As part of the financing, new members Naveed Siddiqi (Novo Holdings), Philip Scheltens (EQT Life Sciences – LSP Dementia Fund), and Dina Chaya (OrbiMed) will join the Asceneuron board, chaired by Abbas Hussain. Along with current investment directors Hakan Goker (M Ventures) and Henrijette Richter (Sofinnova Partners), Amit Shah will now represent SR One.
With strong backing from both new and existing high-caliber investors, Asceneuron is well-positioned to progress its lead asset, ASN51, into Phase 2 clinical development for Alzheimer’s disease. ASN51’s innovative approach as an oral OGA inhibitor targeting tau protein aggregation holds promise not only for Alzheimer’s but also for other neurodegenerative diseases such as Parkinson’s and ALS. As the company moves forward, it substantially contributes to the field of neurodegenerative disease treatment, offering new hope to millions of patients worldwide.
