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News Release - April 1, 2020
Aspen Neuroscience Announces $70 Million Series A Financing Led by OrbiMed to Advance Development of the First Autologous Neuron Replacement Therapy to Treat Parkinson DiseaseSAN DIEGO, April 1, 2020 -- (Healthcare Sales & Marketing Network) -- Aspen Neuroscience, a private biotechnology company developing the first autologous neuron replacement therapy to treat Parkinson disease, today announced the close of its Series A funding round of $70 million. OrbiMed led the investment round with participation from ARCH Venture Partners, Frazier Healthcare Partners, Domain Associates, Section 32, and Sam Altman.
"Our mission at Aspen Neuroscience is to develop a restorative, disease modifying autologous neuron therapy for people suffering from Parkinson disease," said Dr. Howard Federoff, Chief Executive Officer of Aspen Neuroscience. "We are dedicated to using a person's own cells for replacement therapy and bringing best-in-class treatments to people suffering from Parkinson disease as rapidly as possible."
"We are impressed by the progress Aspen has made to date against its goals to develop innovative therapies to treat Parkinson disease and encouraged by the broader investment community's support of the company," said Jonathan Silverstein, Managing Partner of OrbiMed.
Aspen's lead product, ANPD001, is currently undergoing investigational new drug (IND)-enabling studies for the treatment of sporadic forms of Parkinson disease. Aspen's second product, ANPD002, combines gene correction and autologous neuron therapy for the treatment of genetic forms of Parkinson disease. Aspen leverages proprietary AI-based genomics tools for comprehensive quality control which allows for a reduction in the time and cost of the manufacturing process required to produce a safe, reproducible, and personalized cell therapy.
The Series A funding will support the completion of all remaining IND-enabling studies and FDA submission of the IND relating to Aspen's lead product (ANPD001), as well as the recruitment and screening of a trial-ready cohort of persons with Parkinson disease and the manufacture of their cells for the lead product. Additionally, the capital will allow the company to obtain meaningful data from the Phase 1 clinical study to show evidence of biological effect of the therapy and lay the foundation for the Phase 2 multi-center randomized controlled trial. The financing will also support the continued R&D pipeline which includes autologous gene-corrected dopamine neurons for heritable forms of Parkinson disease risk (ANPD002) and programs that extend beyond dopamine neurons and explore the treatment of diseases marked by neuroinflammation.
About Aspen Neuroscience
Aspen Neuroscience, Inc., is a development stage, private biotechnology company that uses innovative genomic approaches combined with stem cell biology to deliver patient-specific, restorative cell therapies that modify the course of Parkinson disease. Aspen's therapies are based upon the scientific work of world-renowned stem cell scientist, Dr. Jeanne Loring, who has developed a novel method for autologous neuron replacement. For more information and important updates, please visit http://www.aspenneuroscience.com.
Source: Aspen Neuroscience
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