Chase Pharmaceuticals, a Washington, D.C.-based developer of medicine to treat brain disorders, has closed a $21 million round of Series B funding from venture capitalist groups on Monday. Chase develops drugs to treat Alzheimer’s disease and is working on one for Parkinson’s disease.
A drug that can treat Alzheimer’s and related dementia created by Chase is currently in the development pipeline and about to go to phase two testing.
“Based on our Phase 1 studies, we expect Chase products will demonstrate a far greater therapeutic benefit than any currently marketed treatment for Alzheimer’s disease, resulting in a significant beneficial impact on the quality of life for all those afflicted by this cruel and incurable disorder,” said Thomas Chase, co-founder of the company and currently on its board of directors in a release.
The funding round was led by New Rhein Healthcare with some of the funding coming from Edmond de Rothschild Investment Partners, Cipla Ventures and Brain Trust Accelerator Fund.
Chase also has a technique to improve currently Alzheimer’s drugs by making them safer and more effective that it is using. Alzheimer’s is increasingly common in the U.S. in part due to an aging population. New and better treatments for it consequently get a lot of attention, even when they are early in their development.
“Alzheimer’s disease afflicts 7.5 million Americans and represents one of our country’s most significant growing unmet medical needs. By cleverly improving existing on-market drugs, Chase Pharmaceuticals builds on proven therapies and offers patients and their caregivers new hope for a better quality of life in the relatively near term,” said Greg Parekh, a partner at New Rhein, who will also take on the role of Chase’s new Chairman of the Board.
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