AstronauTx closes a £48m Series A to treat Alzheimer's disease
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AstronauTx Ltd. (“AstronauTx”), a biotech company developing novel treatments for Alzheimer’s disease and other neurodegenerative disorders today announced the completion of a £48 million ($61 million) Series A financing.
The financing was led by the Novartis Venture Fund attracting capital from several leading global venture investors including Brandon Capital, Bristol Myers Squibb, EQT Life Sciences investing from the LSP Dementia Fund, MPM Capital with participation from current investor, the Dementia Discovery Fund.
AstronauTx was created by the Dementia Discovery Fund in 2019 with additional seed stage funding from us at the UCL Technology Fund and the UK Future Fund, with the goal of developing novel drugs to correct the disrupted physiology of the brain, partly through improving the support function of astrocytes, the most abundant cell type in the brain.
The Series A funding will be used to advance the company’s portfolio of small-molecule drugs including a clinical study in patients with Alzheimer’s disease for the lead programme. The treatments are expected to provide both, symptomatic and disease modifying benefit.
The FT has more here