AAA Abbott enters the world of NeuroGenetic

Abbott enters the world of NeuroGenetic

Abbott Biotech Ventures, one of the corporate venturing funds run by pharmaceutical corporation Abbott Laboratories, invested an undisclosed amount in US-based Alzheimer’s disease therapeutics company NeuroGenetic Pharmaceuticals (NGP) on Wednesday.

Founded in 2009, NeuroGenetic’s technology is based around a compound, NGP555, that it claims can detect and reduce the brain plaques associated with Alzheimer’s. The funding will be used to initiate clinical trials for NGP 555.

The funding follows a Small Business Innovation Research grant worth nearly $300,000, received in July from the National Institutes of Health, an agency of the US government’s Department of Health and Human Services. Future awards under the grant could approach $1m for each of a further three rounds based on progress milestones.

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