Investment will allow NeuroTherapia to continue the development of an orally available treatment for Alzheimer's disease. CLEVELAND , Aug. 6, 2024 /PRNewswire/ -- NeuroTherapia, Inc.
, a clinical-stage company and Cleveland Clinic Innovations portfolio company focused on developing therapies for neurodegenerative diseases, announced today the first closing of its Series B financing with $12.3M in funding. The Series B round, led by Cleveland Clinic, includes all previous investors, Brain Trust Accelerator Fund II, Dolby Family Ventures and the Alzheimer's Drug Discovery Foundation (ADDF) as well as new investors, Foundation for a Better World and CRUINT.
NeuroTherapia is using this funding primarily for the continued clinical development of NTRX-07, an orally available cannabinoid receptor agonist, for the treatment of Alzheimer's disease (AD). The company will continue to raise additional funds for its second close in six months, which will enable development of a recently discovered second generation molecule for a separate indication in which neuroinflammation plays a major role. "We were pleased with the Phase 1b trial results that demonstrated a trend toward cognitive benefits in Alzheimer's disease and wanted to continue its development as rapidly as possible," commented Joseph Rich , JD, MBA, Senior Director, Cleveland Clinic Innovations, and lead investor representative in this financing.
"We believe that the Company's planned Phase 2a trial has the potential to not on.