NeuroScientific Biopharmaceuticals Ltd (ASX:NSB) has received a commitment for the placement of shares worth $2.4 million at 28 cents per share to Switzerland-based AlphaSwiss Partners SA.
The company plans to use the proceeds from the placement to finish its preclinical safety and toxicology programs in ophthalmology and neurology as well as accelerate the start of a Phase 1 study in patients suffering from glaucoma.
Additionally, the funds will allow the company to start a Phase 1 study in healthy volunteers to support its neurodegenerative indications.
“Major endorsement of NeuroScientific’s R&D program”
NeuroScientific chief executive officer and managing director Matt Liddelow said: “It is pleasing to attract investment from an international investment group of the calibre of AlphaSwiss and their investment represents a major endorsement of NeuroScientific’s research and development program.
“We also look forward to benefiting from the deep network of industry contacts that comes with AlphaSwiss.”
AlphaSwiss
AlphaSwiss is a well-respected family office based out of Geneva, Switzerland with about US$1.8 billion under management.
Their investment philosophy based on innovation and independent thinking has provided their clients with exceptional early investment opportunities, with a number of long-term strategic investments in global companies such as Dropbox, DocuSign, Lyft, and others.
Strong interest from pharmaceutical companies
Neuroscientific chairman Brian Leedman said: “In the past few months NeuroScientific has presented initial data from animal studies with induced intraocular pressure to pharmaceutical companies and have received strong interest.
“We are looking forward to bringing this disease modifying therapy to patients in the near future.”
NeuroScientific portfolio
NeuroScientific is developing peptide-based pharmaceutical drugs that target a number of neurodegenerative conditions with high unmet medical demand.
The company’s product portfolio includes EmtinB, a therapeutic peptide initially targeting Alzheimer’s disease and glaucoma, as well as other Emtin peptides,which have demonstrated similar therapeutic potential as EmtinB.