EPFL Start up Asceneuron raised 30 million
Asceneuron, 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, has raised a financing of CHF 30 million in a financing round.
Asceneuron, created in 2012 as part of the Entrepreneur Partnership Program, implemented by MS Ventures to support the creation of spin-off companies from Merck Serono, closed a Series A financing of CHF 30 million. The financing round was led by Sofinnova Partners which becomes the largest financiel investor in the compagny. 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.
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.
«We are excited to welcome such a high profil 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.