The funding round was spearheaded by existing investors Engine Ventures and Safar Partners, with new participations from Bill Gates, Parkinson’s UK, and the Michael J. Fox Foundation, which offered a $2m non-dilutive grant.
The latest capital injection increased LucyTx’s total funding to over $36m.
These funds are earmarked for the progression of the company’s research programmes targeting Alzheimer’s and Parkinson’s diseases and the continued development of a new drug target for Rett syndrome.
LucyTx’s innovative approach involves the development of therapies based on mitochondrial small-molecule treatments and diagnostic biomarkers for complex neurological conditions.
The company’s platform does not solely concentrate on genetic factors but also incorporates a broad spectrum of disease drivers, including mitochondrial dysfunction, environmental influences, and genetic aspects.
This comprehensive analysis enables LucyTx to construct an intricate knowledge map of the disease, revealing common biological pathways that can be addressed by novel drug candidates.
The company is equipped with the team, assays and translational tools to advance two drug development projects from idea to in vivo proof-of-concept in animal models in three years.
Previously, LucyTx received funds from the International Rett Syndrome Foundation to create new therapies for individuals affected by the disease.
The company has made significant strides in its Rett syndrome and Parkinson’s drug discovery programmes, identifying lead compound series for both targets, defining translation target engagements, and pinpointing disease biomarkers.
LucyTx is preparing for investigational new drug (IND) filings, which are expected to be submitted earlier next year.
Lucy Therapeutics founder and CEO Amy Ripka said: “To make meaningful progress in developing treatments for complex diseases, we need to embrace non-traditional methods. LucyTx is doing just that, identifying new drug targets based on a deep understanding of the chemical and biological interplay at work in disease, and ultimately linking neurodegenerative disease to dysfunctional mitochondria.
“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.”