Alto Neuroscience Raises $35M Series B Financing (FinsMes):
Alto Neuroscience, a Los Altos, CA-based neuro-tech company which specializes in precision psychiatry, raises $35M Series B Financing … The company intends to use the funds to advance lead candidates into Phase 2b studies in major depressive disorder … Proceeds from the financing will also be used to progress the company’s artificial intelligence-enabled brain biomarker platform and launch new clinical trials in areas of high unmet medical need. Alto will report Phase 2a data in early 2023 and further anticipates Phase 2b data readouts by early 2024.
Led by Amit Etkin, M.D., Ph.D., founder and chief executive officer, Alto Neuroscience provides a precision psychiatry by developing targeted medicines to help patients get better. Differences in individuals’ biology impact how they respond to treatment. Its 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 drug. The company’s clinical-stage pipeline includes novel drug candidates in depression, PTSD, and other mental health conditions, resulting in the broadest and most-advanced precision psychiatry effort.
Alto Neuroscience Announces $35 Million Series B Financing (press release):
Alto Neuroscience today announced the closing of a $35 million Series B financing led by Lightswitch Capital and partners of Alkeon Capital, with participation from other new investors including Sobrato Capital, Novartis Pharma AG, Valor Equity Partners, Korify Capital, Vine Ventures, and Gaingels. The financing also included participation from existing investors Apeiron Group, WhatIf Ventures, Windham Venture Partners, and others. This round brings Alto’s total funding to $75 million to date … In conjunction with the Series B financing, chief executive officer of Lightswitch Capital, Christopher Cox, and managing director of Alkeon Capital, Jeff Chen, Ph.D., have joined the Alto Board of Directors. Additionally, Bob Baloh, M.D., Ph.D., global head of neuroscience at the Novartis Institutes for BioMedical Research (NIBR), will join as a board observer.
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