Celosia Therapeutics, a biotech startup focused on developing gene therapies for neurodegenerative diseases, has successfully raised $16.75 million in its Series A funding round. The investment was led by Uniseed, a research commercialisation fund, with additional backing from UniSuper and hedge fund manager Iomar Barrett, who is personally affected by amyotrophic lateral sclerosis (ALS), the most common form of Motor Neuron Disease (MND), which Celosia aims to treat.
Founded in 2022, Celosia was spun out of Macquarie University following more than a decade of research. The startup initially received $2 million in Seed funding and has exclusive access to a range of patents related to advanced gene therapies developed by the university’s researchers.
The new funding will primarily support the development of Celosia’s gene therapy, CTx1000, which targets a protein associated with ALS. MND, which leads to the progressive loss of muscle control and ultimately death, currently has no cure. The disease has been widely publicised through individuals such as former AFL footballer Neale Daniher, who co-founded the Big Freeze charity event to raise awareness and funds for MND research.
Dr Kathryn Sunn, CEO of Celosia and director of commercialisation at Macquarie University, expressed excitement about the potential of the new funding to push the research into clinical application. “Our CTx1000 gene therapy program capitalises on 15 years of research from the team at Macquarie University, led by Professor Ittner and Professor Ke,” she said. “This new funding will fast-track clinical application of their research discoveries, enabling us to bring life-changing therapies to those who need them the most.”
Professor Lars Ittner, Celosia’s chief medical officer and one of the leading researchers, highlighted the uniqueness of CTx1000, noting that it is a novel disease-modifying therapy for ALS, unlike existing treatments that only address the symptoms. “We firmly believe in the potential of this therapy, and are excited to continue exploring its efficacy at clinical stages,” said Ittner.
Iomar Barrett, who has ALS, is optimistic about the potential of CTx1000. “As a fund manager for over 20 years, it is my job to identify macro trends and emerging technologies that are poised to reshape the future,” Barrett explained. “I believe that CTx1000 is one of such significance for patients around the world, with the promise of bringing tangible benefits and rewriting the narrative for ALS patients.”
With this new funding, Celosia Therapeutics is well-positioned to accelerate its research and development, bringing hope to those affected by ALS and other neurodegenerative diseases.