GliaCure launches with $2.75M in non-brokered private placement funding
Boston-based biotech startup GliaCure Inc. announced that it recently closed a non-brokered private placement of $2.75M.
GliaCure was formed to develop novel pharmaceutical therapies for such disorders as Alzheimer’s disease, epilepsy, sleep disorders and a range of related psychiatric disorders. The company is founded on the principle that there are a variety of glia-based targets that have been overlooked by existing drug discovery programs.
The GliaCure team has identified glia-specific targets and developed novel compounds for the treatment of Alzheimer’s disease. The company’s goal is not merely to arrest the development of symptoms of the disease; instead it is focused on developing therapies intended to reverse early cognitive decline caused by Alzheimer’s and to prevent onset of the disease.
“About 90% of human brain tissue is made up of glia”, said Philip Haydon, co-founder and president of GliaCure. “For many years researchers thought that these glia only provided support for neurons, but in the last 20 years we’ve discovered that glia play a pivotal role in synaptic transmission. Our studies have led us to the realization that we have been looking at the wrong target: it is glia, not neurons, where we should focus our efforts to develop a cure for Alzheimer’s disease.”
While GliaCure’s early focus is on Alzheimer’s the company is also in the early stages of identifying the glia-based mechanism underlying the well known clinical observation that a total night of sleep deprivation has rapid and powerful antidepressant effects.
In addition to his role in GliaCure Haydon is the Chair of the Department of Neuroscience at Tufts University, the institution where he developed the technology on which GliaCure is based. Co-founder of GliaCure is Michael Szulczewski, founder and owner of Prairie Technologies, an optimal imaging company based in Middleton, Wisconsin. Completing the Board of Directors is Walter Dewey, senior Portfolio Manager and Principal of Reinhart Partners, a Mequon, Wisconsin-based investment advisory firm with $4 billion in assets under management.
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