PITTSBURGH, Jan. 20, 2011 /PRNewswire/ -- Cognition Therapeutics Inc., a drug discovery company developing novel, small molecule disease-modifying treatments for Alzheimer's, has closed on a $2.5 million Series A1 financing it will use to bring one or more of its compounds to Investigational New Drug (IND) candidate status. The round was led by Golden Seeds, one of the nation's largest angel investing groups, and was syndicated with Tech Coast Angels.
New investors in the A1 financing include The Breedlove Limited Family Partnership and TMC Investment Company, an investment division of the Tippins family, both located in Pittsburgh. All existing investors participated in the round including Ogden CAP Associates, M5Invest, the Pittsburgh Life Sciences Greenhouse and Innovation Works. The round was comprised of new investment and conversion of convertible debt.
"This financing increases our investor base and further expands our national network to support the critical work we are doing to identify drugs that can treat and potentially prevent the progression of Alzheimer's disease," said Cognition Therapeutics President and CEO Hank Safferstein, Ph.D., J.D. "We're pleased to welcome Golden Seeds, Tech Coast Angels and several western Pennsylvania community leaders in supporting our pioneering approach to drug discovery for Alzheimer's disease and related conditions of the central nervous system. We are also fortunate to have Dr. Nada Jain, Managing Director of Golden Seeds and Mr. Mark Breedlove, President and CEO of Keystone Profiles, joining our existing Board of Directors, providing additional business insight and guidance to the company."
"The drug candidates Cognition Therapeutics is developing represent new approaches that have the potential to make a major impact on the treatment of Alzheimer's disease, and other central nervous system disorders," said Dr. Jain. "The company has re
|SOURCE Cognition Therapeutics Inc.|
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