Chase Pharmaceuticals Corporation secures $21 million in Series B round for improved Alzheimer drug clinical trials
Chase Pharmaceuticals Corporation raises $21 million in a Series B financing round led by New Rhein Healthcare Investors, LLC. Other newly participating investors include Edmond de Rothschild Investment Partners and Cipla Ventures. Previous investor Brian Trust Accelerator Fund joined the round as well.
Chase aims to improve the assessment of a drugs effectiveness during clinical trials for Alzheimers. The proceeds will be used to fund Phase 2a and Phase 2b clinical trials of the company's lead product.
Dr. Chase, a Founder said, "Based on our Phase 1 studies, we expect Chase products will demonstrate a far greater therapeutic benefit than any currently marketed treatment for Alzheimer's disease, resulting in a significant beneficial impact on the quality of life for all those afflicted by this cruel and incurable disorder."
Greg Parekh, PhD, former head of M&A at Novartis AG and a partner at New Rhein, will serve as Chase's Chairman of the Board. Dr. Parekh shares that "Alzheimer's disease afflicts 7.5 million Americans and represents one of our country's most significant growing unmet medical needs. By cleverly improving existing on-market drugs, Chase Pharmaceuticals builds on proven therapies and offers patients and their caregivers new hope for a better quality of life in the relatively near term."
As part of the terms of the deal Raphaël Wisniewski of Edmond de Rothschild Investment Partners and Vikram Sudarsan, PhD, of Cipla New Ventures will join the board of the company.
John M. Siebert, PhD, will take the helm as their new Chief Executive Officer. He brings with him his merits of success as CEO for 15 years in other private and public pharmaceutical companies as well as commercial experience.
The company was founded in 2007 by Thomas Chase, MD, former Scientific Director, National Institute of Neurological Disorders and Stroke (NINDS) and Kathleen Clarence-Smith, MD, PhD, former head of CNS development at Sanofi, Roche and Otsuka.