Asceneuron raises CHF 30 million

The financing round was led by Sofinnova Partners which becomes the largest financial investor in the company. They are joined by new investors; SR One, Kurma Partners and Johnson & Johnson Innovation – JJDC, Inc. (JJDC). The company’s founding investors MS Ventures also participated.

Asceneuron is an emerging leader in the development of first-in-class small molecules targeting tauopathies such as progressive supranuclear palsy (PSP), Alzheimer’s disease and related neurodegenerative diseases. Since the start in 2012 the company made rapid progress under the leadership of the founders Dirk Beher, Chief Executive Officer and Christoph Wiessner, Chief Operating Officer.

The proceeds from this financing round will support the development of Asceneuron’s orally bioavailable O-GlcNAcase inhibitor ASN-561 up to the completion of a pivotal proof-of-concept trial in the orphan tauopathy PSP. ASN-561 has the potential to become the first oral treatment for tauopathies, a group of neurodegenerative diseases which includes several orphan conditions.

Henrijette Richter, Partner at Sofinnova Partners said “We believe Asceneuron’s innovative approach based on a small molecule inhibitor has the potential to radically transform the treatment of neurodegenerative diseases, one of the largest healthcare problems of this century, and provide patients with solutions that will address disease progression”. She added “We were impressed by what the team has been able to deliver since the company’s inception and are thrilled to be partnering with Asceneuron to enable them to realize their vision”.

Hakan Goker, Senior Investment Director at MS Ventures, added “We are very proud that the quality of Asceneuron’s science and the progress they have made to date have attracted such a high caliber investor group and we look forward to working with them to build the company further.”

“We are excited to welcome such a high profile syndicate of investors in recognition of the quality of our team and the value of our lead asset ASN-561”, said Dirk Beher, Chief Executive Officer and a Founder of Asceneuron. “The company is now in a position to progress development of ASN-561 to the clinic whilst expanding our emerging pipeline. We are looking forward to working with the new members of our Board of Directors to create a leading company in the field of Neurodegeneration.”

(SK)