Pharmaceutical company Shionogi has invested $35m in Tetra Discovery Partners, a US-based developer of treatments for memory-impairing diseases and neurological conditions, as part of a development and commercialisation agreement.
Tetra is working on therapies for conditions such as Alzheimer’s disease, depression and brain injury, but the Shinogi deal will involve the companies collaborating on the clinical development and commercialisation of a drug candidate known as BPN14770.
BPN14770 is intended to treat the genetic developmental condition Fragile X syndrome as well as forms of dementia including Alzheimer’s, by inhibiting an enzyme called phosphodiesterase-4D.
Shionogi is also providing a $5m upfront payment, and Tetra is eligible to receive up to $120m in milestone payments through the deal in addition to potential royalties. The $35m investment increased Tetra’s total equity financing to just over $42m.
Life sciences company builder Apjohn Group and angel group Grand Angels led the company’s $5m series A round in November 2016, investing with existing backers Dolby Family Ventures and Alzheimer’s Drug Discovery Foundation as well as undisclosed private investors.
