Novo Holdings Leads $100M Series C for Asceneuron's Alzheimer's Therapy

Novo Holdings, a prominent life science investor based in Copenhagen, Denmark, has announced the completion of a $100 million Series C financing round in Asceneuron, a clinical-stage biotechnology company. This funding will be directed towards advancing Asceneuron’s leading drug candidate, ASN51, into Phase 2 clinical trials aimed at treating Alzheimer’s disease.

Alzheimer’s disease remains a significant area of medical need, with limited effective oral therapies available to slow its progression. ASN51, an oral small molecule, targets the enzyme OGA which is involved in the aggregation of tau proteins—a key factor in the development of neurodegenerative diseases. By inhibiting OGA, ASN51 aims to halt or slow down the aggregation of tau proteins, thereby potentially modifying the course of Alzheimer’s disease. This mechanism also shows promise for treating other neurodegenerative disorders such as Parkinson’s disease and amyotrophic lateral sclerosis (ALS).

The uniqueness of ASN51 lies in its oral formulation and its effective inhibition of OGA. Five completed Phase 1 trials have showcased its excellent uptake by the central nervous system and significant OGA enzyme occupancy. These results underline ASN51’s potential superiority over existing treatments. Asceneuron is poised to initiate its first Phase 2 clinical study of ASN51 within the year.

The company boasts a robust leadership team and benefits from the guidance of an esteemed Scientific Advisory Board specializing in neurodegenerative diseases. Naveed Siddiqi, MD, Senior Partner of Venture Investments at Novo Holdings, described the current landscape of Alzheimer’s treatment as undergoing a transformational period. He highlighted the limited therapeutic options available, despite the recent acceptance of disease-modifying antibody therapies. Siddiqi emphasized that ASN51’s innovative approach could significantly change the treatment paradigm for Alzheimer’s disease. Siddiqi will join Asceneuron’s Board of Directors following this financing round.

Asceneuron’s CEO, Barbara Angehrn Pavik, expressed enthusiasm about the investment, noting that the high-profile syndicate of life science investors, led by Novo Holdings, further validates the potential of their OGA inhibitor pipeline. She believes that ASN51 could notably expand treatment options for Alzheimer's patients as it moves into Phase 2 clinical development.

The financing was spearheaded by Novo Holdings and included new investments from EQT Life Sciences Dementia Fund, OrbiMed, and SR One. Existing investors like M Ventures and Sofinnova Partners also participated in this funding round.

Asceneuron is dedicated to developing orally bioavailable therapeutics to address neurodegenerative disorders with high unmet medical needs. Their pipeline includes ASN90, licensed to Ferrer Pharmaceuticals for treating progressive supranuclear palsy (PSP), and ASN51 for Alzheimer’s disease. The company also plans to further its pre-clinical development programs targeting Parkinson’s disease, ALS, and other neurodegenerative conditions. Asceneuron's significant backers include the Alzheimer’s Drug Discovery Foundation (ADDF), GSK Equities Investments Limited, Johnson & Johnson Innovation, Kurma Partners, and other notable investors.

Novo Holdings, wholly owned by the Novo Nordisk Foundation, manages a diverse investment portfolio that includes equities, bonds, real estate, infrastructure, and private equity assets. It is a leading global life sciences investor, supporting companies at various development stages through its specialized teams. As of the end of 2023, Novo Holdings had total assets amounting to EUR 149 billion, with a focus on improving health and sustainability through strategic investments.