SAN FRANCISCO, CA, Biotech company has raised $32 million in Series C financing.
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Alector LLC, a biotech company pioneering the discovery and development of first-in-class, immuno-modulatory therapies for Alzheimer's disease and other neurodegenerative disorders, announced today that it has raised $32 million in Series C financing. Alector has built a broad platform of new-generation therapeutics, which mobilize the immune system to eliminate multiple disease-causing pathologies.
'We are applying in neurology a fundamentally similar approach to immuno-oncology treatments in cancer'
'We have developed a portfolio of promising immuno-modulating antibodies for genetically-validated targets,' said Asa Abeliovich, M.D., Ph.D., co-founder of Alector.
'First-generation therapies for neurodegenerative diseases targeted individual pathological agents. Now, Alector is harnessing the immune system to fight multiple aspects of these disorders,' added Arnon Rosenthal, Ph.D., co-founder, president and CEO of Alector.
'Alector is at the leading edge of bringing immuno-modulatory approaches to neurological disorders,' noted Carl Gordon, general partner at OrbiMed.
'We are applying in neurology a fundamentally similar approach to immuno-oncology treatments in cancer,' added Professor Tillman Gerngross, Alector's co-founder and chairman of the board of directors.
The proceeds from this financing will enable Alector to broaden its drug pipeline and to advance its most promising drug candidates towards clinical trials. MRL Ventures led this round of equity financing, with participation from OrbiMed, Polaris Partners, Google Ventures, Topspin Partners, Mission Bay Capital and others.
'New innovative approaches to address the societal burden of neurodegenerative diseases are badly needed,' said Josh Resnick, M.D., managing director and president of MRL Ventures. 'Alector has established a talented team that has already made exciting progress in this area.'
'The Alector team is deftly targeting some of the most devastating neurodegenerative diseases that our society faces today,' said Terry McGuire, founding partner at Polaris Partners. 'This platform is poised to positively impact millions of patients and their families, and we are committed to supporting the development of these critical solutions. Our momentum continues to be encouraging.'
Alector is currently hiring exceptional immunologists and neurobiologists at all levels. Outstanding candidates can find more information at www.alector.com.
About Alzheimer's disease
Alzheimer's disease is the most common form of dementia, affecting over five million people in the United States, alone. It is characterized by gradual mental deterioration, loss of memory and eventually death, and is the sixth-leading cause of death in the United States. Alzheimer's is a high-profile disease, with diagnosis incidence rates expected to rise rapidly due to demographic trends. Globally, eleven percent of people over 65 have been diagnosed with Alzheimer's. There are currently no methods to prevent, cure or meaningfully slow its progression.
About MRL Ventures
MRL Ventures Fund, LLC is the therapeutics-focused seed and early-stage corporate venture fund of Merck & Co., Inc. From our headquarters in Kendall Square, Cambridge and with offices in Mission Bay, San Francisco and Central London, MRL Ventures invests globally in innovative science and transformational therapeutics. We are a team of experienced life-sciences venture capital professionals committed to supporting great entrepreneurs in their quest to create value through building companies that have a meaningful impact on health and disease.
OrbiMed is a leading investment firm dedicated exclusively to the healthcare sector, with over $15 billion in assets under management. OrbiMed invests globally across the spectrum of healthcare companies, from venture capital start-ups to large multinational companies. OrbiMed's team of more than 90 employees manages a series of private equity funds, public equity funds, royalty/debt funds and other investment vehicles. OrbiMed maintains its headquarters in New York City, with additional offices in San Francisco, Shanghai, Mumbai and Herzliya.
About Polaris Partners
Polaris Partners invests in exceptional technology and healthcare companies across all stages of their life cycles. With offices in Boston, San Francisco, and Dublin, we partner globally with an unparalleled network of repeat entrepreneurs, top scientists and emerging innovators who are making significant contributions in their fields and vastly improving the way in which we live and work.
About Alector LLC
Alector LLC is a hypothesis-driven, neurology-focused, drug discovery and development enterprise. We are combining state-of-the-art antibody technology and recent discoveries in neuro-immunology and human genetics to develop a broad platform of novel therapeutics for Alzheimer's disease and other forms of dementia and neurodegeneration. Our strategy is to efficiently generate and validate antibody drugs that engage key disease-altering, genetically validated targets. Alector's approach is enabled by a strategic alliance with Adimab, the technology leader in the discovery of fully human antibodies and bispecifics. For more information, contact firstname.lastname@example.org. www.alector.com