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news.Knopp Neurosciences, a drug discovery and development company, has announced that its current investors exercised $6.6 million in series B2 warrants, raising the company's total capitalization to $27 million.
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Proceeds from the offering will be used to advance Knopp’s discovery research targeting mitochondrial mechanisms of neurodegeneration and to complete an ongoing Phase II study of KNS-760704 in amyotrophic lateral sclerosis (ALS).
Knopp also said that it had completed enrollment in its randomized, double-blind, placebo-controlled Phase II safety and tolerability study of KNS-760704 in ALS patients, with 102 patients randomized across 20 US study centers. In this study, subjects receive three months of study drug or placebo and are then re-randomized into one of two active dose groups for a longer-term study of safety, tolerability, and functional outcomes.
Michael Bozik, president and CEO of Knopp, said: “In a challenging financial time, we’re pleased that our investors recognized our progress to date and our prospects for continued rapid milestone attainment.”