MARLBOROUGH, Mass., Sept. 28, 2020 /PRNewswire/ -- Cognoptix, a healthcare company developing the Sapphire II System, a breakthrough technology for early detection of Alzheimer's disease (AD), announces the closing of an over-subscribed Series R financing round.
Cognoptix has undergone a complete revitalization over the past year. The company attracted the involvement of veteran biotechnology executive and investor, Dr. Susanne Wilke PhD, MBA in early 2019 as the President and CEO of Cognoptix. Dr. Wilke has recruited new leadership talent across the board while advancing Cognoptix's late stage SAPPHIRE II diagnostic system.
Dr. Wilke has attracted experienced leadership to the CMO and CFO position and has identified and retained a group of highly experienced AD and biomarker consultants. Furthermore, Cognoptix, under Dr. Wilke's leadership, formed an entirely new world class science advisory board and new Board of Directors. Dr. Wilke spearheaded the $2.6 million Series R financing round.
The financing was led by Launchpad Venture Group, Harvard Business School Alumni Angels of New York (HBSAANY), and the New York Angels (NYA), including the NYA 2020 Sidecar Fund, and included both new and returning investors. As part of the financing, all prior rounds of investment were converted into either Series R or common stock, simplifying the cap table and laying the foundation for future rounds. Cognoptix intends to use the proceeds to prepare for the company's pivotal studies and regulatory preparations in support of the FDA submission process for its SAPPHIRE II system.
The SAPPHIRE II system is an easy to use, non-invasive eye scan test designed to aid in the early detection and diagnosis of Alzheimer's disease. This innovative technology platform combines a fluorescent laser eye scanning device with a topically applied eye ointment that is highly specific for detecting β-amyloid, a protein hallmark of AD that, unlike some other protein markers detected by other technologies, is specifically correlated with this disease only. Sapphire II's capability of amyloid early detection in the ocular lens will be an ideal companion diagnostic and monitoring method for the emerging class of disease-modifying treatments targeting the removal of amyloid.
"We are thrilled with this enthusiastic endorsement by investors of Cognoptix's innovative AD detection platform," said Dr. Susanne Wilke. "This funding will enable us to prepare for the next phase –a pivotal clinical trial necessary for FDA registration."
John Conley, Board Director and Member of Launchpad Venture Group, said, "With these funds Cognoptix can plan its clinical, regulatory and commercial future for bringing this first-of-its-kind Alzheimer's detection technology to the market. SAPPHIRE II has the potential to transform early detection in clinical practice and make a tremendous impact on patient care and outcomes."
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SOURCE Cognoptix, Inc.