– New investor Alpha Wave Ventures has invested $25 million as part of Series B, extending the operating runway until 2025. –
– Alto entered into a $35 million credit facility with K2 HealthVentures –
– The company is now funded through four placebo-controlled phase 2 studies with four different product candidates for three different CNS indications –
LOS ALTOS, Calif.–( BUSINESS WIRE )– Alto Neuroscience, Inc today announced a $25 million investment from a new investor, Alpha Wave Ventures. This brings Alto’s total Series B funding to approximately $60 million and total seed capital raised to approximately $100 million since the company’s inception in 2019. In addition, Alto recently entered into a credit facility with K2 HealthVentures for up to $35 million, providing access additional capital and flexibility as the company advances its clinical-stage pipeline. Funding to date will support Alto through a total of four Phase 2 readouts with four new drug candidates across three indications, as well as the continued evolution of Alto’s Precision Psychiatry Platform™.
In connection with the Series B financing, Chris Dimitropoulos, Director of Biotechnology Investments at Alpha Wave Global, has joined Alta’s board of directors.
“We have been diligent in advancing our pipeline of diverse product candidates and these investments exemplify our shared commitment to developing new treatments for a number of mental health conditions,” said Nick Smith, Chief Financial Officer of Alto Neuroscience. “This additional capital investment and flexible credit line allow us to complete four definitive studies that, if successful, will enable future registration studies in indications of high unmet medical need. We are pleased to work with Alpha Wave and K2, among our other supporting investors, to advance Alt’s mission through key validation points in the coming years.”
Chris Dimitropoulos, of Alpha Wave Global, said: “This funding is a testament to our confidence in Alto’s science, platform, team and ability to execute. We are encouraged by their unique approach supported by more than a decade of human data investigating brain mechanisms and patient heterogeneity. Recent positive clinical results in the treatment of depression give confidence that a precise approach in this area is possible and likely to lead to better patient outcomes.”
“By effectively leveraging their Precision Psychiatry Platform, Alto is a leader in the discovery and development of truly differentiated medicines for a variety of people living with mental health problems,” added Parag Shah, founder and CEO of K2 HealthVentures. “We look forward to supporting the company’s progress on an innovative line of precision brain drugs as the team strives to redefine psychiatric drug development.”
About Alto Neuroscience
Alto Neuroscience is a pioneer in precision psychiatry by developing targeted drugs that help patients recover faster. Differences in the biology of individuals affect how they respond to treatment. Alto’s Precision Psychiatry Platform™ measures brain biomarkers by analyzing EEG activity, behavioral task performance, wearable data, genetics and other factors to match each patient with the right Alto medication. The company’s work to identify and categorize key domains of mental function (cognition, emotion, and sleep processes) has resulted in a multimodal approach that supports powerful predictions of drug response. Alto’s clinical planning pipeline includes first or best-in-class new drug candidates for depression, PTSD and other mental health conditions, resulting in the broadest and most advanced efforts in precision psychiatry. For more information, visit https://www.altoneuroscience.com or Follow us on Twitter.
About Alpha Wave Global
Alpha Wave is a global investment firm with offices in New York, Miami, London, Abu Dhabi, Tel Aviv, Bangalore, Jakarta and Sydney. Its flagship global entrepreneurship and growth fund, Alpha Wave Ventures, aims to invest in the best entrepreneurship and growth companies and seeks to be beneficial long-term partners to founders and management teams. Alpha Wave manages a variety of investment partnerships covering several asset classes, themes and geographies. For more information, visit www.alphawaveglobal.com.
About K2 HealthVentures
K2 HealthVentures is an alternative investment firm focused on providing flexible, long-term financing solutions to innovative private and public companies in the life sciences and healthcare industries. The investment team consists of collaborative, seasoned professionals with diverse backgrounds in finance and operations, as well as deep domain knowledge in various healthcare sectors. A uniquely flexible, permanent capital structure enables the company to provide creative, adaptable financing solutions and meet the evolving capital needs of its portfolio companies as they grow. K2HV is driven by the dual goals of profit and purpose—to foster the growth of innovative companies that will ultimately improve the lives of patients and to return a percentage of investment profits back to underserved areas of healthcare. www.k2hv.com
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