Biotech startup Alector raises $32 million in Series C funding to continue Alzheimer’s therapy developmentBy Gina Hall (Biz Journals)
Biotech startup Alector raised $32 million in Series C funding Wednesday to continue developing therapies for Alzheimer’s disease.
MRL Ventures led the round with participation from OrbiMed, Polaris Partners, Google Ventures, Topspin Partners, Mission Bay Capital and others. Prior to the latest funding, Alector raised an undisclosed amount over two rounds from OrbiMed and Polaris.
CEO Arnon Rosenthal co-founded the San Francisco-based company in 2013 to develop novel therapeutics for Alzheimer’s disease. Alzheimer’s affects more than five million people in the United States and 11 percent of people over 65, globally, have been diagnosed with the disease. The company is working with the hypothesis that diseases like Alzheimer’s are the result of the immune system, not certain pathogens, according to FierceBiotech. The company’s aim is to craft molecules that empower the body to interrupt those processes.
“First-generation therapies for neurodegenerative diseases targeted individual pathological agents,” Rosenthal said in a press release. “Now, Alector is harnessing the immune system to fight multiple aspects of these disorders.”
The company will use its latest funding to broaden its drug pipeline, double its current staff of 12 and advance its most promising drug candidates towards clinical trials. Alector is currently hiring immunologists and neurobiologists at all levels.
The company is already talking with investors about a fourth fundraise that should close by the end of the year, according to the FierceBiotech report.