Alterity Therapeutics (ASX:ATH) has announced the completion of the second tranche of the two-tranche placement initiated earlier this year.
The company said $38.79 million of funds were received with participation from its CEO, chief financial officer, and most of the board of directors.
CEO Dr David Stamler said, “We are grateful for the strong shareholder support at our Extraordinary General Meeting last week to complete our Placement, giving us the runway to continue to advance our pipeline focused on neurodegenerative diseases. We expect to use the funds from this capital raise to accelerate the regulatory and development activities for ATH434 and to continue research and discovery of novel compounds for major indications such as Parkinson’s disease.”
ATH434 is the company's lead candidate. It is an oral agent designed to inhibit the aggregation of pathological proteins implicated in neurodegeneration. ATH434 has been shown preclinically to reduce α-synuclein pathology and preserve neuronal function by restoring normal iron balance in the brain.
