Pharma Focus America

Lucy Therapeutics Secures Fresh Funding to Progress Alzheimer’s and Parkinson’s Treatments

Wednesday, May 29, 2024

Lucy Therapeutics, Inc. (LucyTx) has recently secured an additional $12.5 million in funding. This investment was led by existing backers Engine Ventures and Safar Partners, with new participation from notable names including Bill Gates, Parkinson’s UK, and the Michael J. Fox Foundation. The Michael J. Fox Foundation contributed a $2 million non-dilutive grant. With this fresh injection of funds, LucyTx's total funding now exceeds $36 million. This funding boost aims to further LucyTx's mission to address Alzheimer's, Parkinson's, and Rett syndrome.

LucyTx, emphasized the importance of thinking outside the box when it comes to tackling complex diseases. She highlighted LucyTx's innovative strategy, which delves deep into the chemical and biological intricacies of neurodegenerative diseases, particularly their connection to dysfunctional mitochondria. The increased funding will support the company's efforts in developing a new class of therapeutics targeting mitochondrial dysfunction, potentially offering curative treatments for these debilitating conditions.

LucyTx sets itself apart through its comprehensive approach, which goes beyond focusing solely on genetic factors. Instead, it examines a wide range of disease drivers, including mitochondrial, environmental, and genetic elements. This holistic analysis allows LucyTx to create detailed knowledge maps for each disease, revealing common biological pathways that could serve as targets for unique drug interventions. In just three years, LucyTx has progressed two drug development projects from conceptualization to in vivo proof-of-concept in crucial animal models, thanks to its skilled team, assays, and translational tools.

Dr. Mike Poole, a new addition to LucyTx's board and Senior Advisor to Gates Ventures, praised the company's pioneering platform, which deciphers mitochondrial impacts to identify potential drug targets. LucyTx's approach has already strengthened its drug discovery endeavors, particularly in Alzheimer's research, garnering support from Gates Ventures.

The gravity of these diseases cannot be overstated. Alzheimer's and other dementias affect over 55 million individuals globally, while Parkinson's affects over 10 million people, with nearly 90,000 Americans newly diagnosed each year. Rett syndrome, though rarer, carries significant clinical burden, impacting individuals' fundamental functions like speech, mobility, and respiration.

LucyTx's recent collaborations underscore its commitment to advancing treatments for these conditions. With lead compound series identified for both Rett syndrome and Parkinson's targets, along with defined translation target engagements and disease biomarkers, the company aims to file Investigational New Drug (IND) applications by early 2025, marking significant strides in its therapeutic journey.

 

Source: businesswire.com

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