AZTherapies said that it has closed a $33.6 million Series C-1 financing that will fund regulatory and pre-commercial activities related to the company’s ALZT-OP1 inhaled cromolyn/oral ibuprofen for Alzheimer’s disease and for development of other candidates. The financing round was led by Duopharma Biotech Berhad.
In October 2019, AZTherapies announced that it had completed a $26 million Series C financing for completion of a Phase 3 trial of ALZT-OP1. That Phase 3 study, called COGNITE, was initiated in 2015 and is expected to be completed by the end of 2020.
AZTherapies Chairman and CEO David R. Elmaleh said, “This additional funding positions us extremely well as we drive towards completion of our Phase 3 COGNITE trial in Alzheimer’s disease later this year, with data readout expected in early 2021. We plan to use these proceeds to further expand our regulatory and pre-commercial activities, recruit and retain key members of our management team, and continue to develop our robust and innovative pipeline targeting neuroinflammation as the root cause of neurodegenerative diseases.”
Read the AZTherapies press release.
