TauRx Announces Additional Investment of USD119 million following announcement of Phase 3 LUCIDITY Topline Results
Substantial investment of USD119 million achieved by TauRx through a warrants exercise triggered by the announcement of LUCIDITY results in October, supporting HMTM regulatory submissions in UK, US and Canada, and preparation for market availability
Shareholder commitment to TauRx represents a significant success story for UK-based life sciences research and development in areas of great unmet medical need
TauRx will present the Phase 3 findings at the Clinical Trials in Alzheimer’s Disease (CTAD) conference on Wednesday, 30th November 2022, in San Francisco
ABERDEEN, Scotland and SINGAPORE, Nov. 14, 2022 /PRNewswire/ — TauRx Pharmaceuticals Ltd is a global leader in tau-based research in Alzheimer’s disease (AD). Pathological aggregation of Tau correlates with clinical disease severity and brain atrophy. It is a hallmark of the disease recognised as an important potential target for treating AD. HMTM is an oral tau aggregation inhibitor, targeting this underlying pathology.
Glenn Corr, Chief Operating Officer and Chief Business Officer said: “We appreciate the continued support of our shareholders as evidenced by their exercise of warrants. This represents a firm commitment to our mission – ‘To discover, develop, and commercialise
innovative products for the diagnosis and treatment of neurodegenerative diseases caused by protein aggregation’. Beyond funding regulatory submissions in the UK, US and Canada, this investment will also advance development plans for regulatory approval in China.”
The positive outcome of this funding round, with more than 99% of warrants exercised, was triggered by the announcement of Phase 3 LUCIDITY (NCT03446001) topline data and adds to USD64 million raised in 2021 through a previous rights issue.
TauRx, supported by its group of strategic advisors, are moving forward in the regulatory submission process. This represents a monumental success for UK-based life sciences research and has potential to deliver a much-needed additional treatment option for the millions of people with Alzheimer’s.
On Monday, 14 November, TauRx will present at the LSX Inv€$tival conference in London and attend the Jefferies Healthcare conference later in the week. Results from the LUCIDITY trial will be presented at the Clinical Trials on Alzheimer’s Disease (CTAD) conference in San Francisco on 30 November.
LUCIDITY is the only late-stage clinical trial specifically targeting the tau pathology of Alzheimer’s. Aggregation of abnormal tau protein is one of the hallmark pathologies.
ABOUT TAURx PHARMACEUTICALS LTD
The TauRx group of companies was established in 2002 in Singapore, continuing a partnership with the University of Aberdeen, with primary research facilities and operation based in Aberdeen, UK. The company has dedicated the past two decades to developing treatments and diagnostics for Alzheimer’s and other neurodegenerative diseases due to protein aggregation pathology.
TauRx plans to submit HMTM for regulatory approval in the UK, US and Canada in 2023, with other territories to follow, in line with its overall plans to commercialise HMTM and pursue clinical trials in other related neurodegenerative diseases.
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SOURCE TauRx Pharmaceuticals Ltd