Abbott Biotech Ventures, one of the corporate venturing funds run by pharmaceutical corporation Abbott Laboratories, invested an undisclosed amount in US-based Alzheimer’s disease therapeutics company NeuroGenetic Pharmaceuticals (NGP) on Wednesday. Founded in 2009, NeuroGenetic’s technology is based around a compound, NGP555, that it claims can detect and reduce the brain plaques associated with Alzheimer’s. The funding will be used to initiate clinical trials for NGP 555. The funding follows a Small Business Innovation Research grant worth nearly $300,000, received in July from the National Institutes of Health, an agency of the US government’s Department of Health and Human Services. Future awards under the grant could approach $1m for each of a further three rounds based on progress milestones.
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Abbott enters the world of NeuroGenetic
Jan 5, 2012 • Robert Lavine
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