Cortexyme has filed for an $86 million IPO. The company is developing treatments for neurodegenerative diseases based on the discovery of pathogenic bacteria in the brains of Alzheimer's patients. Cortexyme intends to trade on the NASDAQ market under the symbol “CRTX.”
The company's lead candidate COR388 has completed Ph Ib trials. Ph II/III trials are scheduled to begin enrollment in April of 2019. In May of 2018, Cortexyme raised $76 million to help fund development of the treatment. Investors in the series B round included Sequoia Capital, Vulcan Capital, Alphabet’s Verily Life Sciences, EPIQ Capital Group, RSL Investments, and Huizenga Capital. They joined previous funders Pfizer, Takeda Ventures, Lamond Family, Breakout Ventures and Dolby Family Ventures.
To prepare for the next stages of development, the company recently added two industry veterans to its board – Kevin Young and Una Ryan. Young has worked in the pharmaceutical industry for 35 years including serving as CEO of Gilead. Ryan previously served as CEO of AVANT Immunotherapeutics, a company developing vaccines and immunotherapeutics for cancer and broader health applications.
“Cortexyme is heading into 2019 with a great deal of momentum in the wake of key peer-reviewed publications and in advance of initiating an important clinical trial,” said Dr. Ryan. “The data supporting Cortexyme’s approach to Alzheimer’s disease, and the company’s invention of a novel class of anti-virulence factor inhibitors, is very compelling. I’m thrilled to join the company’s board as it launches into a new chapter — for Cortexyme itself and the field of Alzheimer’s research as a whole.”