Business
Cognition Therapeutics Reports Year End 2021 Financial Results and Provides Business Update
- Well capitalized from $52 million IPO and $169 million in grant funding -- Established clinical program in Alzheimer’s disease enhanced by new DLB study
About this update from Cognition Therapeutics, Inc.
[{"type":"text","content":" - Well capitalized from $52 million IPO and $169 million in grant funding -- Established clinical program in Alzheimer’s disease enhanced by new DLB study and dry AMD program -- Conference call and live audio webcast scheduled for Wednesday, March 30 at 8:00 a.m. ET - PURCHASE, N.Y., March 30, 2022 (GLOBE NEWSWIRE) -- Cognition Therapeutics, Inc. (NASDAQ: CGTX), a clinical-stage biopharmaceutical company engaged in the discovery and development of innovative, small molecule therapeutics targeting age-related degenerative diseases and disorders of the central nervous system and retina (the “Company” or “Cognition”), today reported financial results for the year ended December 31, 2021 and provided recent business updates. “Our upsized initial public offering (IPO) in October 2021 supplemented our non-dilutive grant funding, which we believe provides us with a strong balance sheet,” stated Lisa Ricciardi, president and CEO of Cognition Therapeutics. “With that foundation, we have made progress advancing our clinical programs in Alzheimer’s disease and dementia with Lewy bodies (DLB). We anticipate starting a dry age-related macular degeneration (dry AMD) Phase 2 clinical study in the second half of 2022. In addition, we will be starting our study in early-stage Alzheimer’s disease with our partners, the ACTC, in the second half of 2022. To support these clinical programs and our critical pipeline and biomarker discovery efforts, we have strengthened our team with several key appointments in clinical operations, finance, and R&D, including Anthony Caggiano, M.D., Ph.D. as chief medical officer and head of R&D. We believe these strategic hires allow us to aggressively pursue our goals.” Business Updates: Cognition’s lead program, CT1812, is currently enrolling patients with mild-to-moderate Alzheimer’s disease in two Phase 2 clinical studies (SHINE and SEQUEL).The Phase 2 SHIMMER study of CT1812 was initiated in DLB in the fourth quarter of 2021, and the company anticipates treating the first patient in the first half of 2022.The company also anticipates initiating a Phase 2 clinical study of CT1812 for the treatment of dry AMD in the second half of 2022.Cognition received funding from the Michael J. Fox Foundation (MJFF) to support preclinical development of pipeline molecules for the treatment of synucleinopathies. “The grants we...