Leal Therapeutics – a biotechnology company developing novel therapeutics for patients with disorders of the central nervous system (CNS) – announced a $45 million financing. This funding round was led by Newpath Partners, with additional new investors Chugai Venture Fund and Alexandria Venture Investments, along with existing investors OrbiMed, Euclidean Capital and PhiFund. This latest funding round follows a previously disclosed $39 million funding.
The proceeds from the funding will be used to advance Leal’s pipeline of antisense oligonucleotide (ASO) and small molecule therapeutics for patients with CNS disorders. Leal’s lead programs are LTX-002, an ASO for patients with genetic or sporadic amyotrophic lateral sclerosis (ALS), and LTX-001, a small molecule for patients with schizophrenia.
The company plans to submit Investigational New Drug (IND) applications for LTX-002 and LTX-001 by the end of 2024 and commence first-in-human clinical trials in early 2025. These programs address novel and well-characterized metabolic pathway targets that are dysregulated in disease states.
In connection with the funding, Thomas Cahill, M.D., Ph.D., founder and managing partner of Newpath Partners, joined Leal’s board of directors.
KEY QUOTES:
“We are pleased to have the support from this leading group of both new and existing investors that share our vision for better therapeutics for people with neurodegenerative or neuropsychiatric disorders. This investment allows us to progress our lead programs in ALS and schizophrenia towards the clinic while also continuing our earlier-stage pipeline and platform development.”
– Asa Abeliovich, M.D., Ph.D., founder and chief executive officer of Leal
“We are excited to support Leal as they progress their lead programs in ALS and schizophrenia, two CNS disorders with major unmet medical needs, towards the clinic.”
– Dr. Thomas Cahill
“We look forward to supporting this world-class team with deep expertise and proven track record in CNS therapeutics. Together with this strong syndicate, we are excited to help advance what we believe could be life-changing treatments for patients and their families.”
– John Gustofson, head of Chugai Venture Fund
