The company’s neuromodulation device showed a significant slowing in functional and cognitive decline in the treatment group along with a considerable decline in brain atrophy over a six-month period in a prior phase 2 clinical trial
The rendering of Cognito Therapeutics’ non-invasive neuromodulation device. (Credit: Business Wire)
Cognito Therapeutics has secured $73m in a Series B financing round to support its neuromodulation platform for Alzheimer’s disease.
The Massachusetts–based clinical-stage company is engaged in developing neurotechnology to treat central nervous system (CNS) diseases.
Cognito Therapeutics’ Series B financing round was led by FoundersX Ventures and had participation from all its existing investors.
New investors like Alzheimer’s Drug Discovery Foundation (ADDF), Starbloom Capital, IAG Capital, and WS Investment also joined the round.
The neurotechnology company said that the latest round brings its total funds raised since inception to $93m.
FoundersX Ventures founder and managing partner Helen Liang said: “A non-drug neuromodulation intervention has the potential to better address the complex nature of neurodegenerative diseases such as Alzheimer’s and Cognito is well-positioned to be a leader in this new paradigm.”
According to Cognito Therapeutics, the funds will be used to advance the pivotal study of its non-invasive neuromodulation device.
The device provides proprietary gamma frequency light and sound stimulation for Alzheimer’s disease treatment.
In a prior phase 2 clinical study, the device showed a significant slowing in functional and cognitive decline in the treatment arm. It also showed a significant decline in brain atrophy over a period of six months.
To further study the efficacy of the device, the company is recruiting patients in its HOPE clinical trial for Alzheimer’s disease. It will enrol 500 patients across 50 clinical centres in the US.
Cognito Therapeutics CEO Brent Vaughan said: “Alzheimer’s disease continues to be one of world’s largest public health problems, afflicting more than 55 million individuals globally. There is an urgent need to develop novel therapies that can safely delay the onset and progression of these neurodegenerative conditions.
“This funding will accelerate development of Cognito’s home-based wearable device which has the potential to be a novel, safe, disease-modifying therapeutic approach to treat neurodegenerative diseases, starting with Alzheimer’s.”