Amylyx Pharmaceuticals Raises $30 Million in Series B Funding
July 1, 2020
Amylyx Pharmaceuticals raised $30 million in an oversubscribed series B financing to advance its pipeline of treatments for amyotrophic lateral sclerosis, Alzheimer’s disease, and other neurodegenerative diseases.
Morningside Ventures led the financing with participation from other investors.
Amyotrophic lateral sclerosis (ALS), also known as Lou Gehrig’s disease, is a progressive neurodegenerative disease that affects nerve cells in the brain and the spinal cord. The progressive neurodegeneration in ALS eventually leads to the death of motor neurons and loss of the ability of the brain to initiate and control muscle movement. With muscle action progressively affected, patients in the later stages of the disease may become paralyzed and unable to breathe normally.
Amylyx recently reported that its lead therapeutic candidate AMX0035, which targets mitochondrial and endoplasmic reticulum dependent neuronal degeneration pathways, demonstrated a significant treatment benefit for people with ALS in a phase 2 study.
“Amylyx has made remarkable progress, completing one phase 2 trial in ALS and completing enrollment in a second Phase 2 trial in Alzheimer’s,” said Jeffrey Trigilio, chief financial officer at Amylyx. “Amylyx has made remarkable progress, completing one phase 2 trial in ALS and completing enrollment in a second Phase 2 trial in Alzheimer’s. This funding will help us continue to press ahead as rapidly as possible because every day counts for patients with ALS, Alzheimer’s, and other neurological conditions.”
Amylyx anticipates publication of full data from the ALS trial in the near term. Topline data from the phase 2 trial in Alzheimer’s disease is expected in the first quarter of 2021.
Photo: Jeffrey Trigilio, chief financial officer at Amylyx
Author: Rare Daily Staff
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