Actinogen, an Australian biotechnology company, acquired Edinburgh BioQuarter spin-out Corticrine Ltd in August 2014. This transformed the Australian organisation into a clinical stage company with an asset which has the potential to become a novel treatment for Alzheimer's dementia.
Corticrine was a mid-stage pharmaceutical R&D company focused on the development of novel treatments for disease modification and prevention in Alzheimer's dementia.
The company had licensed worldwide development and commercialisation rights to the compound UE2323, which was in early clinical development for the treatment of Alzheimer's disease, from the University of Edinburgh.
The recent investment will enable Actinogen to support a Phase 2 study of UE2343 in patients with early Alzheimer's disease.
The Phase 2 study is planned to start in 2016 and will run in Australia/New Zealand, the USA and the UK.
Bill Blair, Head of Business Creation at BioQuarter said; "We are delighted to see this level of support to advance clinical development of UE2343, which is validation of the work carried out, initially by Corticrine, and now by Actinogen.
"UE2343 represents a novel approach to treating Alzheimer's disease, a condition with a significant unmet medical need that threatens to place a huge burden on society, and hopefully will lead to an effective treatment for Alzheimer's disease in its early stage."