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Cognition Therapeutics Closes Series A Financing to Advance Drug Candidates for Alzheimer's Disease
Date:7/16/2009

PITTSBURGH, July 16 /PRNewswire/ -- Cognition Therapeutics Inc., a Pittsburgh-based drug discovery company developing small molecule disease-modifying treatments for Alzheimer's, has closed on a $1.21M Series A financing. The round was led by Ogden CAP, LLC of New York City and includes M5Invest Partners of Villanova, PA, the Pittsburgh Life Sciences Greenhouse, Innovation Works (Pittsburgh), and several individual investors. The round included both new investments and the conversion of existing convertible notes.

"This investment facilitates the advancement of our existing lead molecules towards a major milestone," said Cognition Therapeutics President and CEO Hank Safferstein, Ph.D., J.D. "Our combination of novel, small molecule drug candidates and biologically-relevant screening methods is unique in the pharmaceutical industry. We're pleased to have Ogden CAP and M5Invest join our other investors in supporting our pioneering approach to treat or prevent Alzheimer's disease by targeting the proteins that cause the earliest stages of this disease".

"As early investors, we are impressed by Cognition Therapeutics' combination of cutting-edge technology, influential and experienced leadership, and large clinical and commercial potential," said Robert Gailus, senior advisor to Ogden CAP. "Alzheimer's disease is a major health epidemic that places increasing strains on the world's healthcare systems as the population ages. The drug candidates being developed by Cognition have the potential to significantly impact this devastating disease," Gailus continued. Alzheimer's disease affects an estimated four and a half million people in the United States today. That number is expected to exceed 12 million people by 2050.

Funds raised in this round will support advancement of Cognition Therapeutics' pioneering lead molecules that block the activity of the toxic oligom
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SOURCE Cognition Therapeutics Inc.
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