Annexon Biosciences, a US-based developer of treatments for neurodegenerative disorders, completed a $44m series B round yesterday that included pharmaceutical firm and Novartis.
Novartis, which participated through its Novartis Venture Fund subsidiary, was joined by venture capital firm New Enterprise Associates, which led the round, as well as Correlation Ventures, Clarus Ventures and Satter Investment Management.
Annexon is working on therapies intended to combat neurodegenerative disorders like Alzheimer’s disease and Huntington’s disease by stopping the progression of complement-mediated neurodegeneration. Its technology is based on discoveries made at Stanford University.
The series B cash will be used to support the progress of the company’s lead drug candidates, including a treatment for serious central nervous system and autoimmune disorders, and a therapy for ophthalmic disorders.
Doug Love, president and chief executive of Annexon, said: “This significant investment in our robust and risk-balanced pipeline further validates Annexon’s novel and elegant scientific approach.
“Moreover, the funding enables us to enhance and accelerate our biomarker-rich clinical development program in support of new and much-needed therapies for patients with serious neurodegenerative disorders.”
Annexon has now raised $79m since it was founded in 2011, having closed a $34m series A round in late 2014 featuring Novartis Venture Fund, Satter Investment Management and Clarus Ventures.
Fidelity Biosciences Research Initiative had already supplied $1m in seed funding to the company in 2011.