AltPep Corporation, a pioneering biotechnology company focused on developing early disease-modifying treatments and detection tools for amyloid diseases, has successfully completed a $52.9 million Series B financing round.
Led by Senator Investment Group, the funding will primarily accelerate the development of AltPep’s biotechnological innovative SOBIN™ therapeutics into Phase 1 clinical trials for Alzheimer’s and Parkinson’s diseases.
Additionally, the funds will support the advancement of AltPep’s first SOBA™ diagnostic, which has received FDA Breakthrough Designation, towards FDA clearance.
Groundbreaking Approach to Amyloid Diseases
AltPep’s approach to amyloid diseases targets early molecular triggers, specifically toxic soluble oligomers. Using customized synthetic peptides, AltPep aims to detect and neutralize these toxic oligomers at various stages of disease progression.
This groundbreaking biotechnology approach holds the potential to revolutionize both disease treatment and detection for a wide range of amyloid diseases.
Senator Investment Group, LP, led the Series B financing round, garnering significant participation from new financial investors, including Section 32, Partners Investment, and Eli Lilly and Company.
Furthermore, previous investors from AltPep’s Series A round, such as Alexandria Venture Investments and Matrix Capital Management Company, LP, made notable contributions.
The solid financial support from new and existing investors reflects the tremendous promise of AltPep’s biotechnology and innovative solutions.
Accelerating Clinical Trials and Diagnostic Development
With the recently secured funding, AltPep plans to expedite Phase 1 clinical trials for its SOBIN therapeutics, targeting both Alzheimer’s and Parkinson’s.
Preclinical in vivo studies have demonstrated promising results for AltPep’s lead compound in improving cognitive deficits associated with Alzheimer’s disease. AltPep aims to change the trajectory of these devastating diseases by focusing on early intervention and disease-modifying approaches.
Expertise and Collaborations
As part of the financing agreement, Rohit Vanjani from Senator Investment Group will join AltPep’s Board of Directors, contributing valuable expertise to the company.
Furthermore, Ronald DeMattos, Ph.D., Senior Vice President and Chief Scientific Officer for Neurobiologicals at Eli Lilly and Company, will join AltPep’s Scientific Advisory Board, enhancing the company’s scientific guidance.
These collaborations strengthen the biotechnology firm’s position in driving innovation and advancing the field of amyloid disease research.
Meanwhile, by focusing on early detection and disease-modifying therapeutics, AltPep brings hope to patients and families affected by these debilitating diseases, paving the way for a future where these conditions can be effectively treated and prevented.