TauRx raises $31.5M of planned $111.8M
TauRx Pharmaceuticals Ltd. (Singapore) raised $31.5 million in the first tranche of a planned $111.8 million equity investment from existing investor Genting Berhad. TauRx expects to receive the remaining funds by year end, after which Genting will be TauRx's largest shareholder, with a 20% stake. The biotech has more than 600 investors.
TauRx will use the funds for ongoing Phase III trials evaluating LMTX for Alzheimer's disease. LMTX is a new formulation of rember methylthioninium chloride ( methylene blue). Methylene blue is a dye that binds to tau aggregates and also is used in a variety of human and veterinary applications. In a Phase II trial, 60 mg rember met the primary endpoint of Alzheimer's Disease Assessment Scale-Cognitive subscale (ADAS-Cog) scores from baseline to week 24 in moderate AD patients, but not in mild AD because mild AD patients given placebo did not decline. A 100 mg dose missed the endpoint due to a formulation defect. Rember also had absorption limitations, and TauRx developed LMTX to address the limitations. ...