NEW YORK – Lucy Therapeutics on Monday said it has raised $12.5 million in funding to advance its R&D programs for complex neurological diseases.
The funding was led by existing investors Engine Ventures and Safar Partners, with participation from new investors including Bill Gates and Parkinson's UK, as well as the Michael J. Fox Foundation, which provided a $2 million non-dilutive grant.
Waltham, Massachusetts-based Lucy Therapeutics has raised more than $36 million to date to develop mitochondrial small-molecule treatments and diagnostic biomarkers for neurological diseases including Alzheimer's disease, Parkinson's disease, and Rett syndrome. The company aims to identify drug targets based on underlying biological pathways and disease drivers, studying dysfunctional mitochondria as a root cause of diseases.
The company has identified lead compound series for its Parkinson's and Rett syndrome drug discovery programs and plans to file investigational new drug applications early next year.
"This latest funding will advance our work pioneering a new class of therapeutics designed to address mitochondrial dysfunction and provide potentially curative treatments for people suffering from Alzheimer's, Parkinson's, and Rett syndrome,” Lucy Therapeutics CEO and Founder Amy Ripka said in a statement.