Neurosense Therapeutics Ltd (NASDAQ: NRSN) received $4 million in proceeds after exercising warrants valued at $6 let share. The company issued these warrants as its initial public offering of $12 million completed in December.
According to the CEO of Neurosense, Alon Ben-Noon, the company’s cash runway goes to the third quarter of 2023. Moreover, it extends past the date the company hopes to complete the Phase IIb trial of primed. The company is developing PrimeC to treat ALS (amyotrophic lateral sclerosis).
Neurosense received orphan drug designation
The European Medicine Agency and the U.S Food and Drug Administration granted Orphan Designations to Neurosense, then received positive results from a Phase 2a trial that tested the compound for efficacy and safety.
During the study, the company hoped to determine if the compound could reverse ALS symptoms such as respiration and functional deterioration. PrimeC was able to accomplish this and displayed significant efficacy.
The company will now start a placebo-controlled double-blind multinational clinical trial in the second quarter of 2022. Moreover, the researchers will use upgraded formulations and optimized doses.
ALS has no cure
The company believes that if the trial is successful, they could proceed to the next level and eventually provide therapies for people living with ALS, which currently has no cure. ALS is a severe degenerative disorder that leads to paralysis. The disease progresses fast, with patients dying between two and five years after developing it.
Doctors diagnose about 5000 patients with ALS each year. Moreover, the disorder has a $1 billion yearly disease burden. There is no cure for ALS; thus, patients die within a few years. Unfortunately, experts believe ALS patients could increase by 24% between 2022 and 2040 in the E.U and the U.S.
Neurosense is a biotechnology company that focuses on creating and discovering therapies for people with serious neurodegenerative diseases. The company focuses on finding treatments for ALS, Parkinson’s disease, Alzheimer’s disease, and other neurodegenerative diseases. These illnesses have limited therapies even though many people have been diagnosed with them worldwide.
Because neurodegenerative disorders are often complex, the company is trying to create combined therapies that target different pathways which the diseases affect.
