Alzheimer’s drug by Cortexyme receives $76m fund for Ph 2 clinical research

Cortexyme Inc., a clinical-stage pharmaceutical company developing therapeutics to alter the course of Alzheimer’s disease (AD) and other degenerative diseases, announced the completion of a $76 million Series B financing. A series of new investors contributed to the fund including Sequoia Capital, Verily Life Sciences, Vulcan Capital, EPIQ Capital Group, Huizenga Capital, RSL Investments, and a long-term mutual fund. The current investors of Cortexyme, including Pfizer, Takeda Ventures, Breakout Ventures, Lamond Family, Dolby Family Ventures, also participated.

“Alzheimer’s has been a major medical and societal challenge for decades, and new approaches are clearly needed,” said Michael Dixon, partner at Sequoia Capital. “Cortexyme is approaching an old problem in a whole new way – moving upstream to target an underlying driver of disease. Sequoia is pleased to partner with the Cortexyme team as they move through phase 1 clinical development and rapidly plan for later-stage trials to address conditions that affect millions of patients worldwide.”

“Cortexyme is glad to count among its supporters some of the world’s most successful investors in innovation, both in the pharmaceutical industry and beyond,” said Casey Lynch, Cortexyme’s co-founder and chief executive officer. “Our streamlined, efficient approach to drug development allowed us to move from seed funding to phase 1 data in less than four years. We’re committed to continuing to move swiftly through phase 2 proof of efficacy studies in service of bringing new therapies to patients suffering from Alzheimer’s and related conditions.”

Cortexyme also announced the successful completion of a placebo-controlled single ascending dose trial and a multiple ascending dose trial in healthy older volunteers of COR388, the company’s lead small molecule. COR388 was found to be safe and well tolerated by healthy volunteers ranging in age from 20-70 years old, producing a favorable pharmacokinetic profile and tissue distribution when given orally in a wide range of doses. Based on these encouraging results, the company is planning to start a phase 2 proof of efficacy study in AD patients next year.

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Source: Cortexyme