Leal Therapeutics, a Worcester, MA-based biotechnology company developing novel therapeutics for patients with disorders of the central nervous system, raised $45M in funding.
The round was led by Newpath Partners, with additional new investors Chugai Venture Fund and Alexandria Venture Investments, in addition to existing investors OrbiMed, Euclidean Capital and PhiFund. In connection with the financing, Thomas Cahill, M.D., Ph.D., founder and managing partner of Newpath Partners, joined Leal’s board of directors.
The company intends to use the funds to advance its pipeline of antisense oligonucleotide (ASO) and small molecule therapeutics for patients with CNS disorders.
Launched in 2021 and led by CEO Asa Abeliovich, Leal Therapeutics is a biotechnology company dedicated to developing novel precision medicines for patients with high-need central nervous system disorders. Leal’s lead programs are LTX-002, an ASO for patients with genetic or sporadic amyotrophic lateral sclerosis (ALS), and LTX-001, a small molecule for patients with schizophrenia.
The company plans to submit Investigational New Drug (IND) applications for LTX-002 and LTX-001 by the end of 2024 and commence first-in-human clinical trials in early 2025. Both programs address novel and well-characterized metabolic pathway targets that are dysregulated in disease states.
This latest financing round follows a previously disclosed $39M financing.
