June 27, 2018 Source: FierceBiotech 128
The Dementia Discovery Fund (DDF), focused in raising funds from the private sector, industry, and charity for the discovery and development of novel therapies for dementia, including Alzheimer’s disease, has raised £250 million with the new investment of $60 million from non-profit organization AARP on Monday. The Venture capital fund is supported by the various organization including government department and big pharma.
The venture capital specialist started fundraising in 2015 with the aim of delivering new drugs for the diagnosis and treatment of dementia by 2025; it emphasized early intervention and disease-modifying treatments. DDF is managed by SV Health Investors LLC.
The DDF initially aimed to raise £130 million with committed investments from GlaxoSmithKline, Biogen, Eli Lilly, Pfizer and Takeda, Johnson & Johnson, as well as the U.K. government’s Department of Health and the nonprofit Alzheimer’s Research UK. However, they surpassed this target as various other investors such as Bill Gates and the NFL Players Association joined. Since its launch, the DDF has been able to acquire a portfolio of 16 investments. Pharma vet Angus Grant, who has work for Merck, Novartis and recently for Celgene, was announced as the new CEO of the fund.
Kate Bingham, managing partner of SV Health Investors stated “The investment from the AARP is further recognition of the potential of our unique approach to finding important treatments for dementia that alter the course of disease and, potentially, a broad range of associated neurodegenerative disorders. The investment will also provide the DDF with broader reach, access and visibility to the older community, for whom dementia is a growing risk.”By Ddu
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