Worcester startup raises $45M for ALS and schizophrenia treatment
Photo | Courtesy of Massachusetts Biomedical Initiatives
Leal Therapeutics is a current company within the Worcester incubator Massachusetts Biomedical Initiatives.
Leal Therapeutics has secured yet another multi-million financing deal as the Worcester-based biotechnology startup has raised $45 million to advance its therapeutics for individuals with central nervous system disorders.
The proceeds of Leal’s most recent round of funding will support the firm’s plan to submit investigational new drug applications to the U.S. Food and Drug Administration for its treatments for ALS and schizophrenia. Leal expects to submit by the end of 2024 with the intention of beginning its first human clinical trials in early 2025, according to a Wednesday press release from the company.
Launched in 2021, Leal’s October funding comes after the company raised $39 million in seed funding during 2022.
This round of funding was led by Newpath Partners, a Boston-based life science and biotechnology venture firm. The transaction also included current New York City-based Leal investors OrbiMed, Euclidean Capital, and PhiFund Ventures with new investors Chugai Venture Fund of Boston and Alexandria Venture Investments based in California.
"We are pleased to have the support from this leading group of both new and existing investors that share our vision for better therapeutics for people with neurodegenerative or neuropsychiatric disorders," Dr. Asa Abeliovich, founder and CEO of Leal, said in the release. "This investment allows us to progress our lead programs in ALS and schizophrenia toward the clinic while also continuing our earlier-stage pipeline and platform development."
Abeliovich had previously launched New York-based gene therapies company Prevail Therapeutics, acquired by Eli Lilly and Co. in 2020, and the California-based biopharma company Alector that began trading on the Nasdaq in 2019.
"We look forward to supporting this world-class team with deep expertise and proven track record in CNS therapeutics," John Gustofson, head of Chugai Venture Fund, said in the release. "Together with this strong syndicate, we are excited to help advance what we believe could be life-changing treatments for patients and their families."
Mica Kanner-Mascolo is a staff writer at Worcester Business Journal, who primarily covers the healthcare and diversity, equity, and inclusion industries.
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