Suven Life to raise about $20 million for phase two trial of Alzheimer disease
In a latest development, Hyderabad-based drug developer Suven Life Sciences has informed that its molecule for Alzheimer's disease will soon enter phase two trials.
According to sources, the phase two trials will cost the company $20 million. The company is presently in the process of raising funds for the trials through a combination of debt, equity and strategic partner.
Last week, the company announced that more than half-a-dozen companies have shown interest in partnering the company for developing 'SUVN 502' molecule.
Alzheimer's disease is a brain disorder named after German physician Alois Alzheimer who first described it in 1906. The disease causes memory loss, impaired judgement and loss of language skills.
As per latest study, the disease is one of the most common degenerative, affects 26 million people globally at present and is expected to quadruple by 2050.
A company official, who has been closely attached with the deal, informed that the company is currently scouting for strategic partner, which could be either a private equity
(PE) player or a pharmaceutical company that wants to in-license the molecule later.
The company is expected to announce a strategic partner in the next six months when, it begins the phase two trials, he added.