AstronauTx Secures $61 Million Series A Financing Led by Novartis and BMS to Advance Oral Therapies for Alzheimer’s Disease

On October 9, AstronauTx, a UK-based biotech company dedicated to developing new therapies for Alzheimer's disease and other neurodegenerative disorders, announced the completion of a £48 million ($61 million) Series A financing round. The round was led by Novartis Venture Fund, with participation from Brandon Capital, Bristol Myers Squibb, MPM Capital, and other institutions.

AstronauTx was founded in 2019 by the Dementia Discovery Fund (DDF) and received additional seed-stage funding from the UCL Technology Fund and the UK Future Fund, with the goal of developing novel drugs to correct disrupted brain physiology. Part of the company’s focus is on improving the function of astrocytes, the most abundant cell type in the brain.

In terms of the team, Dr. Ruth McKernan, the founder of AstronauTx, has worked in the pharmaceutical industry for nearly 30 years, having held positions at Merck and Pfizer. As a neuroscientist, she has published over 120 papers in the fields of ion channels and regenerative medicine. Co-founder Dr. David Reynolds is an experienced leader in drug development, with nearly 20 years of experience at Merck and Pfizer. Dr. Jamie Bilsland, the Chief Scientific Officer, is a seasoned neuroscience drug discovery scientist with 30 years of experience spanning large pharmaceutical companies (Merck, Pfizer), academic institutions, and biotech firms.

In July this year, AstronauTx announced a collaboration with Danish biotech company Saniona to develop new therapies by targeting a novel, undisclosed ion channel, expanding the company’s portfolio of programs. In September, AstronauTx received a grant from Innovate UK to fund the preclinical work of one of the company’s projects.

It is reported that the proceeds from the Series A financing will be used to advance AstronauTx's portfolio of small molecule drugs, including a clinical study of a lead project targeting Alzheimer's disease patients. Dr. Ruth McKernan, co-founder of the company, stated that AstronauTx's oral medications may be applicable to various neurodegenerative diseases.

"DDF led the creation of AstronauTx with the hope of advancing the development of new mechanisms for treating Alzheimer's disease. The latest funding from top global venture capital firms will help accelerate these innovative therapies to reach patients more quickly," said Dr. Laurence Barker, partner at DDF.

References:

[1]https://astronautx.bio/astronautx-closes-48-million-61-million-series-a-financing-to-create-new-treatments-for-alzheimers-disease/

[2]https://endpts.com/novartis-bristol-myers-back-61m-series-a-raise-for-dementia-biotech-astronautx/

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