Asceneuron secures $100M series C for dementia drug development

Asceneuron has successfully closed a $100-million Series C funding round, driven by Novo Holdings. The primary goal of this investment is to advance the development of Asceneuron's oral small-molecule O-GlcNAcase (OGA) inhibitor, known as ASN51, specifically targeting Alzheimer's disease (AD). The company plans to initiate its first Phase II clinical trial for ASN51 later this year. The funding round also saw significant contributions from other investors, including EQT Life Sciences - LSP Dementia Fund, OrbiMed, and SR One. Existing investors such as M Ventures, Sofinnova Partners, GSK Equities Investments, and Johnson & Johnson Innovation – JJDC also participated.

ASN51 aims to inhibit OGA, thereby targeting the accumulation of tau proteins, which is believed to slow the progression of AD. The therapeutic potential of ASN51 extends beyond Alzheimer's, showing promise in preventing protein aggregation in other neurodegenerative diseases like Parkinson's disease (PD) and amyotrophic lateral sclerosis (ALS). Asceneuron has reported that five early-stage studies of ASN51 demonstrated not only complete uptake in the central nervous system (CNS) but also high occupancy of the OGA enzyme.

Naveed Siddiqi, a senior partner at Novo Holdings, highlighted the transformative impact of current AD therapies. He remarked that ASN51 "offers the potential for a paradigm shift in the way this neurodegenerative disease is treated." Following the financing deal, Siddiqi will be joining Asceneuron's board of directors.

Asceneuron was established in 2012 as a spin-off from Merck KGaA, supported by €5 million ($5.44 million) in seed funding from Merck. The company's focus has been on creating orally bioavailable drugs for AD, PD, and rare tauopathies. Their pipeline includes another OGA inhibitor, ASN90, aimed at treating progressive supranuclear palsy. Last year, Ferrer acquired the global development and commercialization rights for ASN90.

In addition to securing new funding, Asceneuron has been proactive in expanding its expertise and influence within the scientific community. Earlier this year, the company expanded its scientific advisory board to incorporate several specialists in neurodegenerative diseases. Asceneuron also became a member of the Critical Path for Alzheimer’s Disease (CPAD) consortium, further demonstrating its commitment to advancing the treatment of neurodegenerative conditions.