QR Pharma Raises $800,000 of Series A Preferred Stock
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.
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