Private Stock Sale Nets Half a Mil for Local Biopharma Company Battling Alzheimer’s, Parkinson’s
Berwyn-based QR Pharma, the biopharmaceutical company developing treatments for a number of neurological disorders, including Alzheimer’s and Parkinson’s diseases, has raised $530,000 in a private stock sale, writes John George for the Philadelphia Business Journal.
QR Pharma, which CEO Maria Maccecchini founded 11 years ago, has managed to raise more than $4.5 million from stock and debt sales since 2010.
The investors in the latest financing round have previously backed the company. They include Robin Hood Ventures, BioAdvance, and Ben Franklin Technology Partners of Southeastern Pennsylvania.
Posiphen is QR Pharma’s new lead drug candidate that is currently in preclinical testing. It is being studied for its potential to either stop or slow down the progression of Parkinson’s and Alzheimer’s. The drug does this by reducing the levels of three proteins that can turn toxic and cause the onset of neurodegeneration.
According to the company, the drug candidate has also shown potential promise for Huntington’s disease, Down syndrome, and traumatic brain injury, as well as post-operative cognitive decline.
Read more about QR Pharma in the Philadelphia Business Journal here.
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