Celosia Therapeutics has raised a huge amount thanks to Uniseed and hedge fund manager and ALS patient Iomar Barrett.
Australian biotech Celosia Therapeutics has raised $16.75 million – one of the largest Series A raises for a biotech startup – to develop advanced gene therapies for amyotrophic lateral sclerosis disease.
Celosia was launched by Macquarie University with more than $2 million in seed funding in 2022. It was granted exclusive access to a portfolio of patents for advanced gene therapies developed by the university’s researchers.
The financing round was led by research commercialisation fund Uniseed, with a major contribution from hedge fund manager and ALS patient Iomar Barrett and support from tertiary education sector superannuation fund UniSuper.
The funds will be used to advance the development of Celosia’s lead candidate, CTx1000, a novel gene therapy that targets TDP-43, a protein directly linked to ALS pathology.
CTx1000, developed based on a discovery made by Professor Yazi Ke and Professor Lars Ittner from Macquarie University’s Dementia Research Centre, has shown the potential to not only stop the progression of the disease but reverse the damage.
Once the toxic TDP-43 is removed from neurons, the normal functioning form of TDP-43 is restored and neuron health is preserved. Preclinical data observed that in mice models CTx1000 can pause the progression of ALS at a very advanced stage, even partially reversing the disease in some cases.
“This landmark investment is a huge boost for the biotech sector, and not only validates Celosia’s innovative approach but also positions Australia at the forefront of global ALS research,” said Celosia’s CEO Dr Kathryn Sunn.
“Our CTx1000 gene therapy program capitalises on 15 years of research from the team at Macquarie University, led by Professor Ittner and Professor Ke.
“This new funding will fast-track clinical application of their research discoveries, enabling us to bring life-changing therapies to those who need them the most.”
Dr Peter Devine, CEO of Uniseed, said:
“Uniseed is proud to lead this financing round for Celosia Therapeutics.
“Our investment underscores our confidence in the company’s innovative gene therapy approach and the potential of CTx1000 to address a critical unmet need in ALS.
“We are excited to support Celosia’s team as they advance toward clinical trials and continue making strides toward a transformative treatment for ALS patients worldwide.”