BERWYN, PA, Privately held biopharmaceutical company has closed on $800,000 of Series A Preferred Stock financing.
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QR Pharma, Inc., a privately held biopharmaceutical company developing novel therapies for the treatment of Alzheimer's, Parkinson's and other neurodegenerative diseases, has closed on $800,000 of Series A Preferred Stock financing. Existing investors Robin Hood Ventures and individual angels filled this round.
QR Pharma will use the funding to continue to develop its lead compound, Posiphen, build a pipeline and to support the company through the end of a phase II clinical study in Alzheimer patients. 'This financing together with $2M from the NIH provides QR with adequate means to test Posiphen for efficacy in a human phase II study conducted by ADCS,' said QR President and CEO Maria Maccecchini, PhD.
The drug QR is developing represents a new approach to the treatment of neurodegenerative diseases. Posiphen is neuroprotective. By inhibiting the synthesis of neurotoxic aggregating proteins it protects nerve cells from these toxic proteins and prevents them from dying.
About QR Pharma: Headquartered in Berwyn, Pennsylvania, QR Pharma, Inc. is a clinical-stage specialty pharmaceutical company committed to developing therapeutics with novel approaches to the treatment of cognitive impairment in neurological disorders. QR has successfully completed animal studies in Alzheimer's and Parkinson's disease models; is expanding the drugs application to Huntington's, glaucoma and traumatic brain injury, was awarded $3 M from the US Army to work in Traumatic Brain Injury (TBI); and has recently been chosen by the NIH for a human phase 2 clinical trial in Alzheimer's patients.