Cognito Therapeutics, which is in late-stage development of its device to treat neurodegenerative diseases like Alzheimer’s, hauled in $105 million in an oversubscribed series C funding round.
The money helps shore up the company as it moves toward a key pivotal data readout, regulatory submission and commercial launch of its Spectris device that it expects to achieve FDA approval and commercial launch in 2027, Cognito said in a March 5 press release.
Spectris is a prescription-based at-home platform that uses noninvasive neurostimulation to help coordinate neural activity. The company said its studies indicate potential for Spectris to help preserve cognition and daily function while slowing brain atrophy in patients diagnosed with mild to moderate Alzheimer’s.
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“With this financing, we are entering a pivotal moment for our company, and for the patients and families waiting for new options in Alzheimer’s disease,” Christian Howell, Cognito’s chief executive, said in a statement. “Spectris has the potential to become the world’s first physician-prescribed, at-home neuroprotective therapy for patients diagnosed with Alzheimer’s, designed to preserve cognition and daily function.”
The funding round was led by Morningside Ventures, IAG Capital Partners and Starbloom Capital. Other investors included New Vintage, Apollo Health Ventures and Benvolio Group.
Cognito said the funds also will go toward targeting other neurodegenerative diseases through collaborations with institutions such as the WVU Rockefeller Neuroscience Institute.
Results from Cognito’s pivotal study, which is currently fully enrolled, are expected later this year.
