AltPep, a privately-held biotechnology company developing early disease-modifying treatments and detection tools for amyloid diseases, today announced the completion of a $52.9 million Series B financing round. The financing was led by Senator Investment Group, LP, with participation from new financial investors, Section 32, Korea-based Partners Investment, and Eli Lilly and Company. Investors in AltPep's Series A, including Alexandria Venture Investments and Matrix Capital Management Company, LP, also participated in the Series B. Proceeds from the round will primarily be used to accelerate AltPep's SOBIN™ therapeutics into Phase 1 clinical trials for both Alzheimer's and Parkinson's diseases. Funds will also be used to advance AltPep's first SOBA™ diagnostic, which has FDA Breakthrough Designation, toward FDA clearance.

AltPep is developing groundbreaking disease-modifying treatments and detection tools for amyloid diseases by targeting early molecular triggers: toxic soluble oligomers. Our customized, synthetic peptides are designed to bind selectively to toxic oligomers in order to both detect and neutralize them throughout disease progression. AltPep's emphasis is on early, pre-symptomatic detection and treatment. Our lead programs focus on Alzheimer's and Parkinson's diseases, with other amyloid diseases on the horizon. AltPep's goal is to change the course of these debilitating diseases that affect over a billion people around the globe.