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Summary
- Amylyx Pharmaceuticals develops drugs for neurodegenerative diseases like Alzheimer’s disease.
- The company has raised US$67.2 million through several rounds of funding since its founding in 2013.
- Its major investors are DRADS Capital and Morningside Venture Investments.
American pharmaceutical company Amylyx Pharmaceuticals, Inc. has no plans to go for an initial public offering (IPO), nor will it seek to go public through routes like a SPAC (special purpose acquisition company) merger.
Amylyx develops drugs for neurodegenerative diseases like Alzheimer’s disease. The company has raised 67.2 million through funding rounds since 2013. Its market valuation lies between US$100 million to US$500 million.
The company is funded by seven investors. The major ones are DRADS Capital and Morningside Venture Investments.
Source: Pixabay.
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On June 29, the company announced the appointment of Daphne Quimi as one of its board of directors. Ms Quimi has expertise in global finance operations, drug commercialization, and company building for over 25 years. Currently, she works as Chief Financial Officer at Amicus Therapeutics.
Joshua Cohen, the founder of the company, serves as chief executive officer, and Justin Klee, co-founder, is a president. Jim Frates looks after finances.
In July 2020, it raised US$30 million through Series B round funding backed by Morningside Venture Investments. The company in January 2020 raised US$14.8 million through debt.
Amylyx Pharmaceuticals had raised US$1.3 million via equity rounds in 2015. It received US$600,000 from the charities-the Cure Alzheimer’s Fund and ALS Finding a Cure Foundation in the same year.
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It had raised US$3 million through a seed round of funding in 2016, in which the ALS Association and ALS Finding a Cure were major investors. It again raised US$5 million through a Series A round of funding.
The company is developing a drug for ALS. It is currently conducting phase three trials for the drug, which It plans to apply for approval in Europe and Canada.
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