Irish biotech start-up Aerska has closed a $39 million (€33 million) funding round that will help further advance its cutting-edge technology designed to treat degenerative neurological diseases.
The round was led by EQT Dementia Fund and age1, with participation from Iaso Ventures. Existing investors also took part in the round.
The company, which is based in Dublin, is developing drugs that use ribonucleic acid interference (RNAi), a targeted therapy to switch off harmful genes linked to diseases such as Alzheimer’s and Parkinson’s, aiming to cross the blood-brain barrier that can block many treatments from getting through.
The company is developing its antibody-oligo conjugate (AOC) platform that uses “brain shuttles” for systemic RNAi delivery. The funding will be used to advance the AOC platform, unlocking new therapeutic possibilities for neurological diseases and creating a more advanced treatment that specifically turns off “misbehaving” genes.
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“The ability to systemically administer RNAi therapies to the brain unlocks a powerful new approach to treating neurodegeneration,” said Jack O’Meara, chief executive and co-founder of Aerska.
“Partnering with EQT Dementia Fund further strengthens our path to the clinic as we work to translate this capability into meaningful therapies for the treatment of genetically-driven forms of Alzheimer’s disease and other devastating brain disorders.”
The financing deal will also see Arno de Wilde, managing director at EQT; Philip Scheltens, partner and head of the Dementia Fund at EQT; and Alex Colville, general partner at age1, join Aerska’s board of directors.
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“For families facing diseases like Alzheimer’s, Aerska’s approach offers hope for preserving cognitive function and quality of life,” said Philip Scheltens, partner and head of the Dementia Fund, EQT Life Sciences.
“The team’s strategy of upstream intervention, combined with a focus on the genetic forms of neurological disease, positions them to transform outcomes for populations who have been underserved by current therapeutic approaches. We really look forward to working with this talented team to advance this groundbreaking platform.”
The Series A round brings the total funds raised by the company to $60 million, with a $21 million seed funding round in October last year.
The company, which was founded by O’Meara, Dave Hardwicke and Stu Milstein, has been aiming to build up home-grown biotech innovation, with a team of seasoned drug developers based in Dublin and a research team in London. It is also engaging with Ireland’s university and research ecosystem on potential collaborations.
