Lucy Therapeutics, Inc. (LucyTx) announced today it has raised $12.5 million in additional funding led by existing investors Engine Ventures and Safar Partners with new participation from Bill Gates, Parkinson’s UK, and the Michael J. Fox Foundation, which provided a $2 million non-dilutive grant. This round brings LucyTx’s total funding to date to more than $36 million.
The funding will further the company’s research programs for Alzheimer’s and Parkinson’s diseases and continue its development of a novel drug target for Rett syndrome.
LucyTx is developing novel therapies based on mitochondrial small-molecule treatments and diagnostic biomarkers for complex neurological diseases. Instead of focusing exclusively on genetic factors, the company’s platform analyzes a wide range of disease drivers central to disease progression, including mitochondrial, environmental, and genetic factors.
By simultaneously evaluating these drivers, LucyTx’s platform is creating a detailed knowledge map for the disease in question – which enables the company to uncover common underlying biological pathways that can be addressed by unique drug targets. LucyTx has built the team, assays and translational tools required to take two drug development projects from idea to in vivo proof-of-concept in key animal models in just three years.
The majority of drug discovery focuses on targeting direct genetic connections to diseases, but this siloed and genetic-only approach failed to create impactful medications for complex, neurological diseases. So, individuals worldwide suffering from Alzheimer’s, Parkinson’s, and Rett syndrome only receive diagnoses and treatment once debilitating symptoms have already taken hold and the impact is substantial.
Last year, LucyTx secured funding from the International Rett Syndrome Foundation for developing new therapies for children and adults living with the disease. And for its Rett syndrome and Parkinson’s drug discovery programs, LucyTx identified lead compound series for both targets, defined translation target engagements and identified disease biomarkers. And the company plans Investigational New Drug (IND) filings in early 2025.
KEY QUOTES:
“To make meaningful progress in developing treatments for complex diseases, we need to embrace non-traditional methods. LucyTx is doing just that, identifying new drug targets based on a deep understanding of the chemical and biological interplay at work in disease, and ultimately linking neurodegenerative disease to dysfunctional mitochondria. This latest funding will advance our work pioneering a new class of therapeutics designed to address mitochondrial dysfunction and provide potentially curative treatments for people suffering from Alzheimer’s, Parkinson’s and Rett syndrome.”
– Amy Ripka, Ph.D. founder and CEO of LucyTx
“The LucyTx team is creating a cutting-edge platform to identify drug targets by understanding mitochondria’s impact. This platform is already enhancing their drug discovery programs, and I’m excited to support their Alzheimer’s research.”
– Dr. Mike Poole, new LucyTx board member and Senior Advisor to Gates Ventures (the private office of Bill Gates)
