NeuroSense Therapeutics Ltd. (“NeuroSense”), a company developing treatments for severe neurodegenerative diseases, announced it has received proceeds of approximately $4 million from the exercise of warrants priced at $6 per share. The warrants were issued as part of the Company’s $12 million initial public offering (IPO) that closed in December 2021.
“Our cash runway extends through Q3 2023 and, importantly, beyond the expected completion of our upcoming Phase IIb study of our lead drug candidate PrimeC in the treatment of amyotrophic lateral sclerosis (ALS), a major value-driving milestone,” stated NeuroSense CEO Alon Ben-Noon.
About PrimeC Phase IIb Study
PrimeC was granted Orphan Drug Designation by the US FDA and the European Medicines Agency (EMA). NeuroSense completed a Phase IIa clinical study which successfully met its safety and efficacy endpoints including reducing functional and respiratory deterioration and statistically significant changes in ALS-related biological markers indicating PrimeC’s biological activity. The Company plans to initiate a Phase IIb double-blind placebo-controlled multinational study in Q2 2022 with an optimized dose and a unique upgraded formulation.
Amyotrophic lateral sclerosis (ALS) is an incurable neurodegenerative disease that causes complete paralysis and death within 2-5 years from diagnosis. Every year, more than 5,000 patients are diagnosed with ALS in the US alone, with an annual disease burden of $1 billion. The number of patients with ALS is expected to grow 24% by 2040 in the US and EU.
NeuroSense Therapeutics, Ltd. is a clinical-stage biotechnology company focused on discovering and developing treatments for patients suffering from debilitating neurodegenerative diseases. NeuroSense believes that these diseases, which include amyotrophic lateral sclerosis (ALS), Alzheimer’s disease and Parkinson’s disease, among others, represent one of the most significant unmet medical needs of our time, with limited effective therapeutic options available for patients to date. Due to the complexity of neurodegenerative diseases and based on strong scientific research on a large panel of related biomarkers, NeuroSense’s strategy is to develop combined therapies targeting multiple pathways associated with these diseases.