UK-based biotech firm AstronauTx has secured £48 million (US$61 million) in a significant Series A funding round, marking a step towards developing treatments for Alzheimer's and other neurodegenerative diseases, according to the Financial Times.
Spun out of University College London in 2019, the company initially focused on astrocytes, brain support cells crucial for neuron health. AstronauTx aims to prevent astrocyte deterioration to maintain neuron function.
The funding round, led by Novartis Venture Fund, also saw participation from the Dementia Discovery Fund, which initially provided seed funding. CEO David Reynolds stated that the company's treatments would be oral drugs applicable across various neurodegenerative conditions, the FT said.
AstronauTx plans to select its first lead compound for pre-clinical development within a year, with clinical trials expected in three to four years. The company's products are unlikely to hit the market before the 2030s, the report added.