Cognito Therapeutics has announced a $73 million (£59 million) Series B financing round led by FoundersX Ventures with participation from all existing investors.
The US neurotech company develops disease-modifying therapies to treat CNS diseases.
The Series B funding brings the total amount raised since inception to $93 million (£75 million).
Brent Vaughan, CEO, Cognito Therapeutics, said:
“Alzheimer’s disease continues to be one of world’s largest public health problems, afflicting more than 55 million individuals globally.
“There is an urgent need to develop novel therapies that can safely delay the onset and progression of these neurodegenerative conditions.”
The funding will advance Cognito’s study of its non-invasive neuromodulation device, which delivers proprietary gamma frequency light and sound stimulation intended to target Alzheimer’s Disease.
In a Phase II clinical trial, Cognito’s device demonstrated a significant slowing in functional and cognitive decline in the treatment group, as well as a significant decline in brain atrophy over a six-month period.
Cognito is now enrolling patients in its pivotal clinical trial HOPE for Alzheimer’s Disease, across approximately 50 clinical centres in the United States with a target enrolment of 500 patients.
Vaughan said:
“This funding will accelerate development of Cognito’s home-based wearable device which has the potential to be a novel, safe, disease-modifying therapeutic approach to treat neurodegenerative diseases, starting with Alzheimer’s.”
In addition to the financing, Dr Rick Kuntz, MD, MSc, formerly of Medtronic and Helen Liang, Founder & Managing Partner at FoundersX, will join Cognito’s Board of Directors.
Dr Kuntz said:
“Abnormalities in the brain’s electrophysiology represent exciting novel targets for the treatment of neurodegenerative diseases.
“By broadening the therapeutic target from specific proteins to the underlying neuronal pathophysiology, Cognito’s proprietary approach has shown that it can fundamentally alter disease processes and potentially achieve disease modification unique from more traditional approaches.
“I look forward to working with the Cognito team to drive this technology forward for the benefit of patients worldwide.”
