Leal Therapeutics Announces $45 Million Financing to Progress Novel Therapies for Patients with Major Neurodegenerative and Neuropsychiatric Disorders

Financing supports advancement of lead programs LTX-002 and LTX-001 to first-in-human trials

WORCESTER, Mass., Oct. 30, 2024 /PRNewswire/ -- Leal Therapeutics, Inc., a biotechnology company developing novel therapeutics for patients with disorders of the central nervous system (CNS), today announced a $45 million financing. The round was led by Newpath Partners, with additional new investors Chugai Venture Fund and Alexandria Venture Investments, in addition to existing investors OrbiMed, Euclidean Capital and PhiFund. This latest financing round follows a previously disclosed $39 million financing.

The proceeds will be used to advance Leal's pipeline of antisense oligonucleotide (ASO) and small molecule therapeutics for patients with CNS disorders. Leal's lead programs are LTX-002, an ASO for patients with genetic or sporadic amyotrophic lateral sclerosis (ALS), and LTX-001, a small molecule for patients with schizophrenia.  The company plans to submit Investigational New Drug (IND) applications for LTX-002 and LTX-001 by the end of 2024 and commence first-in-human clinical trials in early 2025. Both programs address novel and well-characterized metabolic pathway targets that are dysregulated in disease states.

"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," said Asa Abeliovich, M.D., Ph.D., founder and chief executive officer of Leal. "This investment allows us to progress our lead programs in ALS and schizophrenia towards the clinic while also continuing our earlier-stage pipeline and platform development."

In connection with the financing, Thomas Cahill, M.D., Ph.D., founder and managing partner of Newpath Partners, joined Leal's board of directors. Dr. Cahill said, "We are excited to support Leal as they progress their lead programs in ALS and schizophrenia, two CNS disorders with major unmet medical needs, towards the clinic."

"We look forward to supporting this world-class team with deep expertise and proven track record in CNS therapeutics," said John Gustofson, head of Chugai Venture Fund. "Together with this strong syndicate, we are excited to help advance what we believe could be life-changing treatments for patients and their families."

About Leal Therapeutics:

Leal Therapeutics is a biotechnology company dedicated to developing novel precision medicines for patients with high-need central nervous system disorders. Leal was launched in 2021 and is headquartered in Worcester, Mass.

About Newpath Partners:

Newpath Partners is a life science and biotechnology venture firm dedicated to excellent science and to forming partnerships based on trust and a shared vision. Newpath is focused on creating companies that pioneer transformative therapeutics to mitigate suffering and death from disease. To learn more, visit www.newpath.partners.

About Chugai Venture Fund:

Chugai Venture Fund is a pioneering investment firm focused on fostering innovation and driving transformative advances in the life sciences industry. As a subsidiary of Chugai Pharmaceutical Co., Ltd., we leverage our parent company's extensive expertise and global presence to identify promising start-ups and cutting-edge technologies. Our mission is to help entrepreneurs and visionary teams realize their breakthrough ideas and ultimately contribute to the betterment of healthcare and society. By providing strategic funding, mentorship and access to resources, we aim to create a collaborative ecosystem that accelerates the development and commercialization of breakthrough therapies and medical solutions. To learn more, please visit www.chugaiventurefund.com. 

SOURCE Leal Therapeutics, Inc.