Celosia Therapeutics, an Australian biotechnology company developing advanced gene therapies for neurodegenerative diseases, has raised $16.75 million to advance its program for amyotrophic lateral sclerosis (ALS) disease.
The Series A capital raise was led by Uniseed, Australia’s longest-running research commercialisation fund, with a major contribution from hedge fund manager and ALS patient, Iomar Barrett, and support from tertiary education sector superannuation fund UniSuper.
Celosia said the funds will be used to advance the development of its lead candidate, CTx1000, a novel gene therapy that targets TDP-43, a protein directly linked to ALS pathology.
ALS is the most common form of Motor Neuron Disease. It causes the progressive loss of motor neurons in the brain and spinal cord, resulting in the loss of muscle control and eventual death.
Currently, there is no cure to reverse damage to motor neurons or to cure the disease.
Celosia’s CTx1000 therapy, developed based on the discovery made by Professor Yazi Ke and Professor Lars Ittner from Macquarie University’s Dementia Research Centre. It has shown the potential to not only stop the progression of the disease but reverse the damage.
Celosia CEO Dr Kathryn Sunn said, “This landmark investment is a huge boost for the biotech sector, and not only validates Celosia’s innovative approach but also positions Australia at the forefront of global ALS research. Our CTx1000 gene therapy program capitalises on 15 years of research from the team at Macquarie University, led by Professor Ittner and Professor Ke. This new funding will fast-track clinical application of their research discoveries, enabling us to bring life-changing therapies to those who need them the most.”
Iomar Barrett, hedge fund manager and major contributor to the Series A round, said, “The CTx1000 program and Celosia team represent a realistic pathway to finding a cure for ALS, and I am glad to be a part of this journey. As a fund manager for over 20 years, it is my job to identify macro trends and emerging technologies that are poised to reshape the future. I believe that CTx1000 is one of such significance for patients around the world, with the promise of bringing tangible benefits and rewriting the narrative for ALS patients.”
Uniseed CEO Dr Peter Devine said, “Uniseed is proud to lead this financing round for Celosia Therapeutics. Our investment underscores our confidence in the company’s innovative gene therapy approach and the potential of CTx1000 to address a critical unmet need in ALS. We are excited to support Celosia’s team as they advance toward clinical trials and continue making strides toward a transformative treatment for ALS patients worldwide.”