TauRx Pharmaceuticals, an Aberdeen, UK- and Singapore-based company global leader in tau-based research in Alzheimer’s disease (AD), raised USD119M in funding.
The backers were not disclosed.
The company intends to use the funds to accelerate development plans for regulatory approval in China.
Led by Glenn Corr, Chief Operating Officer and Chief Business Officer, TauRx Pharmaceuticals has dedicated the past two decades to developing treatments and diagnostics for Alzheimer’s and other neurodegenerative diseases due to protein aggregation pathology. Pathological aggregation of Tau correlates with clinical disease severity and brain atrophy.
The company plans to submit HMTM for regulatory approval in the UK, US and Canada in 2023, with other territories to follow, in line with its overall plans to commercialise HMTM and pursue clinical trials in other related neurodegenerative diseases.
The positive outcome of this funding round, with more than 99% of warrants exercised, was triggered by the announcement of Phase 3 LUCIDITY (NCT03446001) topline data and adds to USD64 million raised in 2021 through a previous rights issue.
The TauRx group of companies was established in 2002 in Singapore, continuing a partnership with the University of Aberdeen, with primary research facilities and operation based in Aberdeen, UK.