Healthcare Industry News: Merck
News Release - January 7, 2016
Alector Announces Closing of Series D FinancingTotal Capital Raised in 2015 Exceeds $60M
SAN FRANCISCO--(Healthcare Sales & Marketing Network)--Alector LLC, a biotech company pioneering the discovery and development of first-in-class, immuno-modulatory therapies for Alzheimer’s disease and other neurodegenerative disorders, today announced that it has raised $29.5 million in a Series D financing. After having completed a Series C financing of $32 million earlier in the year, this financing brings the total amount of capital raised in 2015 to $62M. The financing was led by the Dementia Discovery Fund, with new investors Amgen Ventures and AbbVie joining the syndicate.
“The combination of strategic pharmaceutical investors, blue-chip venture capital firms and innovation-specific investors is a clear indication of the broad potential for Alector’s immuno-modulatory approach to treat neurologic diseases,” said Arnon Rosenthal, Ph.D., co-founder, president and CEO of Alector. “These significant financial resources provide Alector the ability to independently advance its promising drug candidates into the clinic and expand our discovery pipeline of candidates for neurodegenerative disorders.”
“Last year’s financing events were a big milestone for Alector; our next challenge will be the prioritization and partnering strategy across the Alector portfolio. Importantly, as we progress through those decisions, our deep cash position gives us great optionality and allows us to control our own destiny for the foreseeable future,” added Professor Tillman Gerngross, Alector’s co-founder and chairman of the board, who negotiated the terms of the financing.
Existing investors Merck Research Lab Ventures, OrbiMed, Polaris Partners, GV (formerly Google Ventures), Topspin Partners and Mission Bay Capital participated in the financing.
Alector is currently hiring exceptional immunologists and neurobiologists at all levels. Prospective candidates can find more information at www.alector.com.
About Alzheimer’s disease
Alzheimer’s disease is the most common form of dementia, affecting over five million people in the United States, alone. It is characterized by gradual mental deterioration, loss of memory and eventually death, and is the sixth-leading cause of death in the United States. Alzheimer’s is a high-profile disease, with diagnosis incidence rates expected to rise rapidly due to demographic trends. Globally, eleven percent of people over 65 have been diagnosed with Alzheimer’s. There are currently no methods to prevent, cure or meaningfully slow its progression.
About Dementia Discovery Fund
The Dementia Discovery Fund (DDF) is an innovative global investment fund established in October 2015 to deliver new disease modifying drugs for dementia by 2025. Managed by SV Life Sciences Managers LLP, the DDF investors include the UK Government’s Department of Health, Alzheimer’s Research UK and world-leading major pharmaceutical companies: Biogen, GlaxoSmithKline, Johnson & Johnson, Lilly, Pfizer and Takeda. The DDF aims to work collaboratively with universities, academic institutes, government, regulatory agencies and the biotechnology and pharmaceutical industry internationally to identify and develop novel dementia research projects.
About Alector LLC
Alector is a hypothesis-driven, neurology-focused startup that’s pioneering the discovery and development of first-in-class, immuno-modulatory therapies for Alzheimer’s disease and other neurodegenerative disorders. We are combining state-of-the-art antibody technology and recent discoveries in neuro-immunology and human genetics to develop a broad platform of novel therapeutics that harness the immune system to fight dementia and neurodegeneration. Our strategy is to efficiently generate and validate antibody drugs that engage key disease-altering, genetically-validated neuro-immune targets. Alector’s approach is enabled by a strategic alliance with Adimab, the technology leader in the discovery of fully human antibodies and bispecifics. For more information, contact firstname.lastname@example.org. www.alector.com
Issuer of this News Release is solely responsible for its
Please address inquiries directly to the issuing company.