Leal Therapeutics Secures $45 Million to Advance Neurodegenerative and Neuropsychiatric Treatments

Leal Therapeutics, Inc., a biotech company focused on developing new treatments for central nervous system (CNS) disorders, has secured $45 million in financing to further its research and clinical development. The funding round was spearheaded by Newpath Partners and included contributions from new investors such as Chugai Venture Fund and Alexandria Venture Investments, along with existing supporters OrbiMed, Euclidean Capital, and PhiFund. This new infusion of capital builds upon a previously announced $39 million financing.

The funds will be allocated towards advancing Leal's pipeline of antisense oligonucleotide (ASO) and small molecule therapeutics targeting CNS disorders. The company's primary projects are LTX-002, an ASO designed for amyotrophic lateral sclerosis (ALS) patients, and LTX-001, a small molecule aimed at treating schizophrenia. Leal Therapeutics aims to file Investigational New Drug (IND) applications for both programs by the close of 2024, with plans to initiate first-in-human clinical trials in early 2025. These programs target specific metabolic pathways that are altered in these diseases.

Dr. Asa Abeliovich, founder and CEO of Leal, expressed gratitude for the support from both new and existing investors who share the company's vision of developing better therapies for neurological and psychiatric conditions. He noted that this investment would enable Leal to advance its major programs for ALS and schizophrenia into clinical trials while continuing to develop its pipeline and platform.

Dr. Thomas Cahill, founder and managing partner of Newpath Partners, has joined Leal’s board of directors following the financing. Dr. Cahill expressed enthusiasm about supporting Leal's efforts to address significant unmet medical needs in ALS and schizophrenia. John Gustofson, head of Chugai Venture Fund, also shared his excitement about backing Leal's experienced team as they work on potential life-changing treatments.

Leal Therapeutics, founded in 2021 and based in Worcester, Mass., is committed to creating precision medicines for high-need CNS disorders. The company is working on a range of therapies to address unmet medical needs in neurodegenerative and neuropsychiatric diseases.

Newpath Partners, a venture firm focused on life sciences and biotechnology, emphasizes collaboration and scientific excellence. The firm aims to invest in companies that develop transformative treatments for serious diseases.

Chugai Venture Fund, a subsidiary of Chugai Pharmaceutical Co., Ltd., is dedicated to driving innovation in the life sciences industry. The fund supports start-ups and technologies that promise significant advancements in healthcare. By providing strategic investments and resources, Chugai Venture Fund aims to accelerate the development and commercialization of breakthrough medical solutions.