GliaCure Successfully Completes $5.8 million Financing
GliaCure, Inc., announced today that it has successfully completed a $5.8 million B round financing, exceeding its original goal of $5 million. GliaCure is developing new therapies based on glial targets for neurological and neuropsychiatric disorders of the brain. The company previously raised $2.75 million in 2012.
GliaCure has an exclusive license to the GC021109 compound and related technology from Tufts University. GliaCure’s lead product candidate, GC021109, is currently being developed as a treatment for Alzheimer’s disease and will enter a clinical trial for the disorder in Q3 2014. GC021109 has the potential to help other conditions including psoriasis, Parkinson’s disease, multiple sclerosis and glaucoma.
There is a significant need for Alzheimer’s disease treatments. By 2050, the number of people with Alzheimer’s aged 65 and older is predicted to triple, from 5.2 million to up to 16 million. Currently there are five FDA-approved drugs that temporarily slow the symptoms of Alzheimer’s disease, but there is no treatment that prevents the degenerative process.