Eyeing an IPO, Alzheon looks to raise $100M for a “derisked” Alzheimer’s PhIII
You don’t often hear the word “derisked” in a conversation about an experimental therapy for Alzheimer’s, but that’s the word Alzheon CEO Martin Tolar chooses to describe where he’s at now with a new/old therapy for the memory-wasting ailment.
After raising some $20 million in bridge financing, Tolar’s small team journeyed to the Alzheimer’s conference in Toronto to spotlight the latest pharmacokinetic data they’ve put together on ALZ-801, a prodrug of tramiprosate, otherwise known as Alzhemed, which like most Alzheimer’s drugs imploded in a Phase III study. And now he tells me that the biotech is well along the path to a new financing round that can support the $100 million budget needed to pay for two Phase III studies, with a potential IPO in the business plan.
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