No­var­tis, Bris­tol My­ers back $61M Se­ries A raise for de­men­tia biotech As­tro­nauTx

Big Phar­ma-sup­port­ed biotech As­tro­nauTx has bagged £48 mil­lion ($61 mil­lion) in a Se­ries A raise to ad­vance its pre­clin­i­cal pipeline of small-mol­e­cule drugs for neu­rode­gen­er­a­tive con­di­tions.

The Lon­don-based com­pa­ny is de­vel­op­ing oral treat­ments for sev­er­al con­di­tions — with an ini­tial fo­cus on Alzheimer’s dis­ease — which can be added to mech­a­nisms al­ready in late-stage de­vel­op­ment.

The Se­ries A round was led by No­var­tis Ven­ture Fund, with sup­port from Bris­tol My­ers Squibb, EQT Life Sci­ences and Bran­don Cap­i­tal, among oth­ers. “Mar­i­anne Uteng from the No­var­tis Ven­ture Fund leaned in and helped us put to­geth­er this syn­di­cate,” As­tro­nauTx co-founder Ruth McK­er­nan told End­points News in an in­ter­view.

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