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Knopp Neurosciences Inc., a Pittsburgh-based developer of biomarkers and drug therapy for amyotrophic lateral sclerosis, said that current investors have exercised $6.6 million in Series B2 warrants, bringing the company’s total venture capitalization to $27 million. Backers include Saturn Partners, Kramer Capital Partners and LaunchCyte LLC.
PRESS RELEASE
Knopp Neurosciences Inc. (”Knopp”) said its current investors exercised $6.6 million in Series B2 warrants, raising the company’s total capitalization to $27 million.
 
 
Proceeds from the offering will be used to advance Knopp’s discovery research targeting mitochondrial mechanisms of neurodegeneration and to complete an ongoing Phase 2 study of KNS-760704 in amyotrophic lateral sclerosis (ALS).
 
 
“In a challenging financial time, we’re pleased that our investors recognized our progress to date and our prospects for continued rapid milestone attainment,” said Michael Bozik, M.D., president and CEO of Knopp. Investors participating in the recent round include Saturn Partners II and Kramer Capital Partners.
 
 
Knopp also said it had completed enrollment in its randomized, double-blind, placebo-controlled Phase 2 safety and tolerability study of KNS-760704 in ALS patients, with 102 patients randomized across 20 U.S. study centers. In this study, subjects receive three months of study drug or placebo and are then re-randomized into one of two active dose groups for a longer-term study of safety, tolerability, and functional outcomes.
 
 
About KNS 760704
 
KNS-760704 is a small molecule shown to improve mitochondrial function and confer cellular protection in cells under stress. Currently in clinical development for the treatment of ALS, KNS-760704 is the chirally pure oral form of the synthetic amino-benzothiazole (6R)-4,5,6,7-tetrahydro-N6-propyl-2,6-benzothiazole-diamine. Like its S(-) optical enantiomer, pramipexole dihydrochloride (Mirapex®), KNS-760704 has been shown to be effective in a range of neuroprotective assays. Unlike Mirapex®, a selective, high affinity dopamine agonist approved for the treatment of Parkinson’s disease, KNS-760704 exhibits very limited dopamine receptor affinity, making it possible to clinically evaluate its potential neuroprotective activity over a broad dose range. The compound’s use in ALS has received orphan drug designation from the U.S. Food and Drug Administration. Phase 1 studies in healthy volunteers have been completed.
 
 
About ALS
 
Amyotrophic lateral sclerosis, also known as Lou Gehrig’s disease or Charcot’s sclerosis, is a rapid, universally fatal neurodegenerative disorder characterized by progressive muscle weakness and wasting. ALS affects adults in the prime of life and creates a substantial burden for caregivers. U.S. prevalence is approximately 30,000 and the incidence is nearly 2 per 100,000. Only a single drug has been approved for the treatment of ALS. Life expectancy after symptom onset is usually three to five years.
 
 
About Knopp Neurosciences Inc.
 
Knopp Neurosciences is a drug discovery and development company focused on delivering breakthrough treatments for neurological disorders through innovation, experience, and partnership. The company’s lead product candidate is KNS-760704, an orally bioavailable small molecule in development for the treatment of ALS. Knopp’s leadership includes experienced neuroscience drug development and discovery executives formerly associated with major pharmaceutical companies. Knopp’s financing has been led by Saturn Capital Inc. of Boston as placement agent and Saturn Partners II as lead funder.
 
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