With early phase II trial data from Cognition Therapeutics Inc.’s lead candidate, CT-1812, for Alzheimer’s disease expected in mid-2024, the firm is hoping to raise $11.5 million from an underwritten public offering of about 6.6 million shares, priced at $1.75 each.
Oligomeric amyloid-β (Aβ) peptide causes synaptic dysfunction, accumulates within synapses, and has been associated with synapse loss around plaques in Alzheimer’s disease (AD). However, there is a need to identify synaptic binding partners of Aβ that mediate synaptotoxicity in the brain. A team of investigators from the University of Edinburgh and affiliated organizations aimed to identify synaptic receptors that bind Aβ in human AD.
With the latest data from the phase II Sequel study, Cognition Therapeutics Inc. added new physiological evidence for the neuroprotective effect of CT-1812 in mild to moderate Alzheimer’s disease (AD) bolstering earlier results related to target engagement and the compound’s impact on cognitive changes. But the results failed to hit statistical significance, and shares of New York-based Cognition (NASDAQ:CGTX) closed June 28 at $2.18, down 32 cents, almost 13%.
According to Todd Haim, chief of the Office of Small Business Research at the National Institute on Aging (NIA), Alzheimer’s disease (AD) is a major issue. In his opening remarks on a BIO Digital panel, titled “Brave Innovations: public and private solutions to advance Alzheimer’s therapeutics and diagnostics in a risk-averse climate,” he provided data showing why new treatments for AD and AD-related dementias (ADRD) are desperately needed.