Kariya Announces Filing of IPO Prospectus for Its First-in-Class GLP-1/GIP Dual Agonist Targeting Neurodegenerative Diseases

Denmark-based startup Kariya is developing the world’s first GLP-1/GIP dual receptor agonist for the treatment of Parkinson’s disease.

Kariya Pharmaceuticals is a company focused on neurodegenerative diseases, with deep ties to Novo Nordisk and strong collaborative partnerships in China.

Novo Nordisk stands as the industry leader in the development of novel GLP-1 therapeutics. This 90-year-old Danish pharmaceutical company continues to drive innovation in chronic disease management and engages in deep collaboration with Chinese pharmaceutical enterprises and academic institutions through its “China Co-Creation” initiative.

Novo Nordisk is committed to incubating numerous startups and building its own life sciences ecosystem by establishing investment funds such as the Novo Nordisk Foundation and the BioInnovation Institute.

Kariya is a startup that emerged within this ecosystem. Recently, VCBeat’s New Medicine division conducted an exclusive interview with Kariya’s CSO, Professor Christian Hölscher.

Kariya, founded in 2018, secured funding from the BioInnovation Institute (BII) and Denmark’s Innovation Fund at its inception. Specifically, BII provided Kariya with DKK 10 million in funding, along with 18 months of access to laboratory and office space, as well as business development services.

And this company, which has already received substantial support in Denmark, also has deep ties with China.

Professor Christian Hölscher has been researching neuroscience for over 30 years. He has held teaching positions at international universities such as the University of Oxford, Lancaster University, and the University of Copenhagen. He has authored two monographs and published more than 180 scientific papers, with his research funded by the Alzheimer’s Association and numerous other grants.

During his in-depth academic research, Christian established strong ties with Chinese universities. Over the course of 12 years, he traveled frequently between China and Denmark. Initially, he chose to conduct animal experimental research on neurodegenerative diseases at Shanxi Medical University.

China’s substantial financial investment in academic institutions and industry has enabled Professor Christian to continuously deepen his expertise in this field.In 2019, Christian officially joined Henan University of Chinese Medicine on a full-time basis.Become a Professor of Neuroscience, with a research focus on the brain and the pathogenesis of diseases such as Alzheimer’s disease and Parkinson’s disease.

In his research, Christian discovered that GLP-1 receptor agonists exhibit significant neuroprotective effects, such as reducing synaptic dysfunction, lowering β-amyloid levels, alleviating chronic inflammation in the brain, and promoting the gradual restoration of physiological function in dysfunctional neurons. These scientific findings prompted Christian to consider developing drugs targeting the GLP-1 pathway to halt the progression of Alzheimer’s disease and Parkinson’s disease, thereby laying the foundation for the establishment of Kariya Pharmaceuticals.

Christian’s research has drawn the attention of Ian Laquian, current CEO of Kariya Pharmaceuticals. Mr. Laquian brings over 20 years of experience in corporate operations management and investment. He previously served as an executive in R&D, business development, and marketing at Takeda Pharmaceutical Company, where he led the R&D and commercialization of Brintellix, a blockbuster antidepressant developed in collaboration between Takeda and Lundbeck. Additionally, he served as Executive-in-Residence at Novo Holdings, the largest venture capital fund in Scandinavia and part of the Novo Nordisk Foundation, providing operational and strategic support to multiple biotechnology companies focused on CNS disorders.

Ian and Christian have both dedicated many years to the field of neuroscience. Sharing a common vision on developing and commercializing GLP-1-targeted therapies to break through the R&D impasse in neurodegenerative diseases, they decided to co-found Kariya.

Subsequently, clinical expert Mikael Thomsen joined Kariya Pharmaceuticals, significantly enhancing the company’s capabilities in conducting clinical trials for new drugs. Mr. Thomsen previously served as Head of Senior Clinical Pharmacology at Novo Nordisk and Novartis, and co-founded several biotechnology companies, including Contera Pharma, which focuses on Parkinson’s disease. With this addition, Kariya Pharmaceuticals has completed the construction of its founding team across three dimensions: academic, commercial, and clinical.

The professional team’s experience and background have enabled Kariya to continuously absorb Novo Nordisk’s expertise in GLP-1 novel drug development, while its ties to China position it to expand beyond Denmark into broader growth opportunities.

Kariya is located in Medicon Valley, which spans Denmark and Sweden’s Skåne County, serving as the core hub for life sciences innovation enterprises in the Nordic region.

Major multinational pharmaceutical companies such as Novo Nordisk and Lundbeck are headquartered here. Over 60% of the biopharmaceutical enterprises in the Scandinavian Peninsula are located within Medicon Valley, which is home to more than 1,500 life sciences companies.

Kariya Pharmaceuticals has gained enhanced professional support for its new drug development in neurodegenerative diseases, thanks to a long-established and industry-representative incubation ecosystem.

Currently, drug development for neurodegenerative diseases such as Parkinson’s disease and Alzheimer’s disease has not proceeded smoothly. The limited blood-brain barrier penetration affecting drug efficacy, along with the complex pathogenesis of these conditions, has consistently placed their therapeutic development in a predicament. Internationally, several drug candidates targeting Alzheimer’s disease have encountered significant setbacks during clinical trials.

However, the efficacy of diabetes medications in treating Alzheimer’s disease has provided researchers with new insights and directions.

Epidemiological data indicate a strong correlation between diabetes and neurodegenerative diseases. Key hallmarks of Parkinson’s disease progression include altered neuronal metabolism, impaired insulin and growth factor signaling, inflammation, and mitochondrial dysfunction. These pathological features are commonly shared by individuals with type 2 diabetes (T2D), which has therefore been identified as a major risk factor for both Parkinson’s disease and Alzheimer’s disease.

GLP-1 receptors, a star target in diabetes treatment, are widely distributed in the central nervous system. Research into the efficacy of blockbuster GLP-1-targeting diabetes drugs for neurodegenerative diseases has been underway for many years, and their ability to improve motor and cognitive functions in Parkinson’s disease (PD) and Alzheimer’s disease (AD) models has gained widespread recognition within the academic community.

Currently, Novo Nordisk has already initiated Phase 3 clinical trials of its blockbuster drug semaglutide for the treatment of Alzheimer’s disease. In addition, the exenatide project for Parkinson’s disease, led by University College London, has entered Phase 3 clinical trials and is expected to conclude in 2024. These clinical trials have provided interim validation of the efficacy and safety of GLP-1 receptor agonists in treating neurodegenerative diseases, highlighting a rapidly emerging and dynamic new therapeutic frontier.

However, although clinical trials have demonstrated certain efficacy, exenatide has been on the market for many years and is losing patent protection, resulting in diminished commercial value. Meanwhile, existing drugs are not designed for central nervous system (CNS) diseases, exhibiting low blood-brain barrier penetration and limited therapeutic efficacy. Therefore, Kariya aims to overcome this significant drawback by developing a first-in-class drug targeting the central nervous system.

“Currently, new drugs on the market are primarily used to treat metabolic disorders such as diabetes, rather than being specifically indicated for neurological diseases.”“Christian explained that GLP-1 analogs used in the treatment of diabetes require once-weekly administration, have a long plasma half-life, and exhibit low blood-brain barrier permeability, making it difficult for them to enter the brain and exert therapeutic effects.”

Kariya Pharmaceuticals’ core products, KP405 (indication: Parkinson’s disease) and KP404 (indication: Alzheimer’s disease), are GLP-1/GIP dual receptor agonists. The cell-penetrating peptides specially conjugated to the dual-target sequence confer exceptionally high blood-brain barrier permeability, overcoming the technical challenge of central nervous system drug delivery while enabling reduced dosing.

GLP-1 receptors in the central nervous system promote neuroprotection through mechanisms such as resensitizing insulin signaling, enhancing growth factor signaling, and reducing neuroinflammation. GIP, a member of the secretin/glucagon family of neuromodulatory peptides, is expressed in pancreatic α-cells, endocrine cells, and brain neurons. It has been demonstrated to promote the growth, differentiation, proliferation, and survival of pancreatic β-cells, with regulatory effects similar to those of GLP-1. Substantial experimental evidence indicates that dual GLP-1/GIP receptor agonists exhibit superior efficacy compared to single-target agonists.

Currently,Preclinical trial data for Parkinson’s disease indicate that KP405 surpasses exenatide and liraglutide in blood-brain barrier penetration.In the MPTP mouse model of Parkinson’s disease, KP405 normalizes growth factor signaling and reduces neuroinflammation, improving motor function in a dose-dependent manner and protecting dopaminergic neurons in the substantia nigra, with efficacy superior to that of exenatide; it also improves motor coordination and muscle strength, outperforming liraglutide.

Currently, KP405 is scheduled to enter Phase I clinical trials in early 2023, and KP404 is about to initiate toxicology studies. In addition, Kariya Pharmaceuticals is actively developing next-generation multi-receptor agonists, which will further enrich the company’s pipeline.

Population aging is a highly certain trend in China’s future. In 2022, the number of people aged 60 and above in China reached 267 million, while those aged 65 and above accounted for 14% of the total population. According to statistics from the Parkinson’s Disease Foundation, there are over 3 million Parkinson’s disease patients in China, with an incidence rate of 1.7% among individuals aged 65 and older; Chinese patients represent one-third of the global total. The number of Parkinson’s disease patients in China is projected to reach approximately 5 million by 2030. From 2015 to 2019, the market size of China’s anti-Parkinson’s disease drug industry grew rapidly from RMB 1.56 billion to RMB 2.71 billion, at a compound annual growth rate (CAGR) of 14.9%.

According to the survey report released by CICC Enterprise Information International Consulting, China has the largest number of Alzheimer’s disease patients in the world, accounting for one-quarter of the global total. From 2016 to 2020, the number of Alzheimer’s disease patients in China increased from 10.5 million to 12.5 million, representing a compound annual growth rate (CAGR) of 4.5%. The patient population is projected to reach 15.5 million by 2025 and further increase to 19.5 million by 2030.

The immense market demand is driving the proactive strategic positioning of global pharmaceutical companies. Kariya Pharmaceuticals also places great emphasis on the development and commercialization of its core products in China, a blue-ocean market.

“In fact, we have already received invitations from Chinese pharmaceutical companies and are actively advancing discussions on collaboration. We hope to identify strong Chinese partners to jointly promote the registration, clinical trials, and commercialization of our drug in the Greater China region,” said Christian.