Amyl Therapeutics receives additional €5M funding to advance therapeutic platform
Investor base strengthened by Mr Evren Ucok joining as new shareholder and continued support from historical investors
Financing will be used to accelerate development of Amyl technology platform to treat neurodegenerative diseases and AL amyloidosis
Liege, Belgium, November 7, 2023 – Amyl Therapeutics, a preclinical stage biotechnology company developing an amyloid specific technology platform to treat diseases linked to amyloid fibrils, today announces the securing of €5M ($5.3M) additional funding from long-term investors Merieux Equity Partners and Noshaq, together with Mr Evren Ucok as a new investor. In addition, the company obtained €6.1M ($6.4M) in grants and as a non-dilutive financing from the Walloon region.
Amyl Therapeutics closed a successful Series A financing round in March 2021, which included a €3.6M capital injection, €5.1M in kind and €2.2M in non-dilutive grants. This new €5M extension to the Series A round demonstrates the support behind the company’s excellent preclinical results and the trust that existing shareholders have in Amyl’s therapeutic platform and team.
Amyl Therapeutics is developing novel molecules that conformationally bind to the amyloid fold of toxic protein aggregates of various types (amyloid-β (Aβ), Tau and α-synuclein) which accumulate in the brain, causing Alzheimer’s disease (AD), Parkinson’s disease (PD) and other neurodegenerative disorders (NDDs). It is also active on light chains (AL) or transthyretin (TTR) amyloid fibrils, which accumulate in peripheral organs, causing systemic amyloidosis diseases. Amyl Therapeutics’s molecule’s ability to target all amyloid folds offers a major advantage over classical monoclonal antibodies.
The €5M supplementary funding will be used in the development of a strong preclinical proof-of-concept for Amyl’s lead therapeutic candidates by mid-2024, to treat NDDs caused by amyloid fibrils, and the move towards clinical development in AL amyloidosis.
“I am pleased and proud to join and support the Amyl Therapeutics team. I believe that Amyl has the potential to bring novel solutions to very severe diseases, in particular Alzheimer’s and Parkinson’s diseases,” said Evren Ucok.
“I am thankful to our historical investors for their continued support in our mission and am happy to welcome Mr Evren Ucok as a new shareholder. We are also grateful to the Walloon region for its trust and long-term support,” said Pierre Vandepapelière, co-founder, CEO and CMO of Amyl Therapeutics. “The Amyl team has worked hard to generate high quality results and a strong proof of principle in AL amyloidosis. This new financing will enable us to develop our lead candidate in this systemic pathology and to confirm our very promising results in NDDs. We are already actively preparing our Series B funding, expected in 2024, to finance a phase 1 clinical trial of the lead compound and to develop molecules targeting other indications.”
In March 2024, Amyl Therapeutics will set up headquarters in LégiaPark, Liège, Belgium. Its new premises will facilitate the laboratory work and offer a modern working environment for the team.
About amyloid-mediated neurodegenerative disorders
Amyloid-related neurodegenerative disorders (NDDs) refer to progressive neurological diseases associated with the accumulation and toxic effect of amyloid aggregates in the central nervous system. Alzheimer’s disease (AD) and Parkinson’s disease (PD) are the two most common NDDs worldwide. A few promising drug candidates for the treatment of Alzheimer’s disease have been recently approved or are in late development, however these strictly target one protein when current knowledge suggests a confluence of three major amyloid proteins (Amyloid beta, Tau and alpha-synuclein) in several NDDs, such as AD and PD.
Amyloidosis is a group of rare diseases characterized by an endogenous production of proteins that aggregate as insoluble amyloid fibrils and form deposits in various organs and tissues resulting in organ dysfunction, serious morbidity and even death. AL amyloidosis is a disorder that mainly affects the heart, liver and kidneys with approximately 4,500 new cases diagnosed each year in the US and 5,000 in Europe, largely in those aged 50-80. At present there is no effective treatment for established AL amyloidosis.
About Amyl Therapeutics – www.AmylTx.com
Amyl Therapeutics has developed a novel mechanism to conformationally bind to the amyloid fold of toxic protein aggregates of various types, causing neurodegenerative diseases or systemic amyloidosis diseases. The pan-amyloid binding and amyloid fibril remodeling capabilities of Amyl therapeutic candidates position them to be maximally effective and transforming therapeutics for amyloid-related neurodegenerative disorders.
Headquartered in Liège, Belgium, Amyl Therapeutics was founded in November 2020 by Dr. Florent Gros and Dr. Pierre Vandepapelière. The company employs six staff. Founding investors include Noshaq, Merieux Equity Partners, Smedvig Funds, Ifoghas investments, JFG Life Science Foundation, Mr. Kenneth Buckfire and 6K Venture Capital.
About Merieux Equity Partners – www.merieux-partners.com
About Noshaq – www.noshaq.be
Noshaq is a Belgian investment fund and project developer with a portfolio of 477 companies. Noshaq is the reference financial partner for the creation and development of SMEs in the Liege region (Wallonia). Over the years, it has developed a range of financing vehicles in line with the needs and trends of the market and its strategy. Each service offered by Noshaq (capital – loan – leasing) is always determined according to the demands and needs of the owner-investor. Its objective is always to have a leverage effect on the company’s development.