AZTherapies said that the company had closed a $26.3 million Series C preferred equity financing round that will fund completion of a Phase 3 trial of its ALZT-OP1 inhaled cromolyn/oral ibuprofen for the treatment of Alzheimer’s disease. The COGNITE study was initiated in 2015 and is expected to be completed by the end of 2020.
The company said that proceeds from this financing round will also be used for pre-commercial efforts for ALZT-OP1 and for development of other drugs in its pipeline, including inhaled cromolyn for the treatment of post-ischemic stroke cognitive impairment and for ALS.
AZTherapies CEO and Chairman David R. Elmaleh commented, “We are very grateful to have such a committed group of investors who have deep expertise in CNS drug development and believe in our mission to target neuroinflammation as the root cause of serious neurodegenerative disease. This round will provide crucial support as we work to complete the COGNITE trial by the end of next year and advance our next candidate, AZT-101, into a Phase 2 clinical trial in patients with post-ischemic stroke cognitive impairment and into a Phase 1/2a clinical trial in amyotrophic lateral sclerosis (ALS).”
Read the AZTherapies press release.
