NEW YORK, May 22, 2013 /PRNewswire/ -- Oligomerix, Inc., a privately held company pioneering the development of disease modifying therapeutics for Alzheimer's disease (AD) and related neurodegenerative disorders, announced today the completion of its Series B financing, which includes both issuance of new convertible preferred shares and warrants that would represent approximately $2.8M in new investments in the Company. Both current investors and new investors supported the raise.
Funding from the Series B round will allow Oligomerix to rapidly advance its drug discovery programs targeting tau protein oligomers that have recently been shown to be neurotoxic, impair memory formation and cause disease progression in disease models. The Company is developing small molecule inhibitors of tau oligomer formation and antibodies specific for tau oligomer structure that have potential biomarker, diagnostic and therapeutic applications. Oligomerix has discovered that tau becomes a proteolytic enzyme upon forming an oligomer structure that causes it and other proteins to fragment. Based on this unique mechanistic insight into the toxicity of tau oligomers, Oligomerix is developing small molecule inhibitors of this activity and antibodies specific for tau's self-cut ends for biomarker and therapeutic uses.
James Moe , Ph.D., MBA, president and CEO of Oligomerix, Inc., commented, "We are pleased that our investors continue to believe in the breakthrough research Oligomerix is conducting across our core programs and that we have several new investors participating in this round. We have demonstrated ongoing key developments in both our tau aggregation inhibitor and tau protease small molecule programs as well as in developing novel antibodies for each program. Our research has shown that extracellular tau oligomers impair me
|SOURCE Oligomerix, Inc.|
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