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News & Trends - Biotechnology

Aussie biotech secures funding to advance its gene therapy in motor neuron disease

Health Industry Hub | November 29, 2024 |

An Australian biotech company has secured one of the largest Series A funding rounds for a biotech start-up in the country’s history, raising $16.75 million to accelerate its gene therapy program for amyotrophic lateral sclerosis (ALS), a neurodegenerative disease that currently has no cure.

The financing round for Celosia Therapeutics, led by Uniseed – Australia’s longest-running research commercialisation fund – also saw significant contributions from hedge fund manager and ALS patient Iomar Barrett, as well as support from UniSuper, the tertiary education sector’s superannuation fund.

“This landmark investment is a huge boost for the biotech sector, and not only validates Celosia’s innovative approach but also positions Australia at the forefront of global ALS research,” said Dr Kathryn Sunn, CEO of Celosia Therapeutics.

“Our CTx1000 gene therapy program capitalises on 15 years of research from the team at Macquarie University, led by Professor Lars Ittner and Professor Yazi Ke. This new funding will fast-track clinical application of their research discoveries, enabling us to bring life-changing therapies to those who need them the most.”

ALS, the most common form of motor neuron disease (MND), causes the progressive loss of motor neurons in the brain and spinal cord, leading to muscle control loss and, ultimately, death. At present, there is no cure to reverse damage to motor neurons or halt disease progression.

Professor Dan Johnson, Pro Vice-Chancellor for Research, Innovation and Enterprise at Macquarie University and Managing Director at Access Macquarie, said “Macquarie University created and seed-funded Celosia Therapeutics to facilitate the translation of pioneering research into tangible outcomes for the benefit of patients and to support a local entrepreneurial research ecosystem. The completion of this funding round represents a crucial step in accelerating the development of therapies that could bring meaningful change to those living with ALS.”

Iomar Barrett, a major contributor to the Series A round and a longtime ALS patient, remarked “The CTx1000 program and Celosia team represent a realistic pathway to finding a cure for ALS, and I am glad to be a part of this journey. As a fund manager for over 20 years, it is my job to identify macro trends and emerging technologies that are poised to reshape the future. I believe that CTx1000 is one of such significance for patients around the world, with the promise of bringing tangible benefits and rewriting the narrative for ALS patients.”

CEO of Uniseed, Dr Peter Devine, highlighted the importance of supporting Celosia’s development, saying “Our investment underscores our confidence in the company’s innovative gene therapy approach and the potential of CTx1000 to address a critical unmet need in ALS. We are excited to support Celosia’s team as they advance toward clinical trials and continue making strides toward a transformative treatment for ALS patients worldwide.”

Founded in 2022 with seed funding of over $2 million from Macquarie University, Celosia Therapeutics gained exclusive access to a portfolio of advanced gene therapy patents developed by the University’s researchers.

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