Diadem announces the first closing of a €10 million equity financing for its AlzoSure® Predict prognostic blood test for Alzheimer’s disease
—CDP Venture Capital and Panakès Partners are leading the equity financing for the European Investment Bank’s recent €7.5 million venture capital debt commitment; Additional venture capital funds are expected to join the round—
—New funding will advance the development and worldwide commercialization of the first blood test capable of predicting the likely progression of Alzheimer’s disease up to six years in advance—
—AlzoSure® To predict Is CE-IVD marked and US FDA breakthrough device designated—
MILAN, March 28, 2022 /PRNewswire/ — Diadem SpA, a company developing the first blood test for the early prediction of Alzheimer’s disease (AD), today announced the closing of the first tranche of a $10 million equity financing. euros. The financing round is led by new investor CDP Venture Capital and existing investor Panakès Partners. This new financing follows the announcement made earlier this month by Diadem and the European Investment Bank (EIB) that the EIB has provided Diadem with a €7.5 million risk loan.
Diadem will use this new funding to pursue the global commercialization and clinical validation of its AlzoSure® Predict, a non-invasive biomarker blood test that can identify with high accuracy whether or not people over 50 with signs of cognitive impairment will progress to Alzheimer’s disease up to six years before symptoms appear definitive. Its usefulness is supported by clinical data from a large longitudinal study that served as the basis for AlzoSure® Predict recently received CE-IVD and Breakthrough Device designation from the United States Food & Drug Administration.
“Diadem is an excellent example of an innovative company: a unique technology, developed at the University of Brescia, a cutting-edge research center, and offering the possibility of intervening in the very first phases of the pathological process, when the chances of successes of the intervention are greater”, comments Enrico Resmini, CEO and Managing Director of CDP Venture Capital. “We are very pleased with our investment in Diadem, which also meets our criteria for social impact and stimulating research in the life sciences sector.”
Diana Saracenifounder and managing partner of Panakes Partners, said: “We are delighted to renew our investment in Diadem, whose breakthrough technology has the potential to transform the management of Alzheimer’s disease, a devastating disease with enormous costs for the individual. and society. Diadem has made great strides in advancing its AlzoSure technology since our initial investment, generating strong clinical validation data, developing a commercial-grade product, earning important certifications and awards, and laying the groundwork for success. successful global marketing in collaboration with strategic partners. a leader in the important field of new biomarker diagnostics, and we are proud to co-lead this funding round. »
“We salute the support of these prominent venture capital groups, who share our vision of a world in which early signs of dementia are a call to action, not a death sentence,” said Dr. Gerald Möller, Chairman of the Board of Diadem. “Under the exceptional leadership of Paul Kinnon, Diadem will use the funds to further develop the company’s global organization to support our unique prognostic test which could revolutionize the field of Alzheimer’s disease. This funding, together with the recently announced loan agreement from the EIB, will provide Diadem with the capital needed to support the company in the commercialization of AlzoSure® Predict and build a successful global business.”
Diadem develops AlzoSure® The Predict test is a simple, non-invasive plasma biomarker test to accurately predict the likelihood that a patient over the age of 50 with cognitive impairment will progress to Alzheimer’s dementia. The company’s technology uses an analytical method that includes a patented antibody developed by Diadem and designed to bind to U-p53A-Z and its target sequences. U-p53A-Z is a conformational variant of the p53 protein that has been implicated in the pathogenesis of AD in several studies.
For CDP Venture Capital, the operation was led by Mario Scuderi and Gregorio Gasparirespectively co-manager and analyst of the Evolution fund.
About Alzheimer’s disease
There are approximately 50 million people with dementia worldwide. Alzheimer’s disease is the most common form and accounts for 60 to 70% of cases. Currently, there are no modifying treatments for Alzheimer’s disease and therapies to treat symptoms are limited. There are about 10 million new cases per year, and the incidence is increasing rapidly as the population ages. The current total cost of care is enormous – estimated at $1 trillion in the United States each year and is expected to double by 2030. Currently, the diagnosis of Alzheimer’s disease is slow, inconclusive, invasive and expensive. The development of effective therapies for Alzheimer’s disease has been hampered by the lack of accurate and cost-effective prognosis and diagnostic methods.
Diadem was founded as a spin-out from the University of Brescia (Italy). The company is developing the first blood prognostic test for the early detection of dementia, with a focus on Alzheimer’s disease. The lack of accurate, accessible and affordable diagnostic tools is a major contributor to the lack of effective treatments for this devastating disease. As a result, patients are only diagnosed late in the disease, when effective treatment is no longer possible. Diadem’s rapid, accurate, and cost-effective prognostic blood test makes it possible for the first time to identify patients early in the disease process, when effective interventions and better outcomes are much more achievable. The utility of the approach has been demonstrated in longitudinal clinical studies that served as the basis for the award of CE-IVD marking in the EU and Breakthrough Device designation in the United States. Further retrospective and prospective clinical trials are underway to further validate the clinical claims and support widespread adoption. and uses. Diadem prepares the commercialization of AlzoSure® Plan in collaboration with global strategic partners. The company is also developing AlzoSure® Confirm, a blood diagnostic test for AD that has shown promising results in early studies. For more information, visit diademdx.com/.
About CDP Venture Capital
CDP Venture Capital is an asset management company (70% owned by CDP Equity and 30% by Invitalia) with over €1.6 billion of assets under management. It aims to make venture capital a strategic pillar for italy economic development and innovation, creating the conditions for a global and sustainable growth of the venture capital ecosystem. It operates through a series of funds that aim to support start-ups at all stages of their life cycle, making direct and indirect investments. Visit https://www.cdpventurecapital.it/cdp-venture-capital/en/home.page
Panakès Partners is Italy’s leading venture capital firm in the life sciences sector, with the ultimate goal of bringing a better life to people around the world, by providing financial and business support to build the next generation of breakthrough technology companies in the field of life sciences. Panakes invests in ambitious start-ups and SMEs with innovative products on a global scale, with a focus on Europe and Israel. Visit http://www.panakes.it/
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SOURCE Diadem SpA