Former investors such as Matrix Capital Management Company and Alexandria Venture Investments, who took part in the firm’s Series A round, joined the latest fundraise along with new backers.
The new investors in Series B include Eli Lilly and Company, Partners Investment, and Section 32.
As part of the deal, Senator Investment Group’s Rohit Vanjani will join the AltPep board.
Besides, Lilly’s senior vice president and chief scientific officer for Neurobiologicals Ronald DeMattos will become a member of the Scientific Advisory Board at AltPep.
Vanjani noted: “We believe AltPep is in an excellent position to optimise the value of its unique technology.
“With scientific application for both therapeutics and diagnostics in a wide range of amyloid diseases, the potential for the company’s pipeline is vast and extremely promising.”
The biotech start-up will use the fresh infusion to speed up Phase I clinical trials of its SOBIN therapeutics for the treatment of Alzheimer’s and Parkinson’s diseases.
It will also use the proceeds to support its SOBA blood-based assay that targets toxic oligomers and detects Alzheimer’s disease early even before symptoms arise.
The diagnostic received FDA Breakthrough Device designation.
AltPep founder and CEO Valerie Daggett said: “AltPep continues to reach significant milestones, including recent preclinical in vivo data demonstrating an improvement in cognitive deficits with our lead compound for Alzheimer’s disease.
“Also, our SOBA assay targeting toxic oligomers, which are early molecular triggers of disease, shows great potential for detection of Alzheimer’s disease.
“We are thrilled to have the support of our former and new investors, and we look forward to working closely with both Dr DeMattos and Rohit Vanjani.”