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PURCHASE, N.Y., Jan. 10, 2022 (GLOBE NEWSWIRE) -- Cognition Therapeutics, Inc. (Nasdaq: CGTX), a clinical-stage biopharmaceutical company engaged in the discovery and development of innovative, small molecule therapeutics targeting age-related degenerative diseases and disorders of the central nervous system and retina (the “Company” or “Cognition”), today provided a summary of the Company’s 2021 accomplishments and outlined upcoming milestones anticipated in the year ahead.
Key 2021 Financial Achievements
Initial public offering: On October 13, Cognition closed its upsized IPO and, in mid-November, the underwriters’ overallotment option was exercised to purchase additional shares of the Company’s common stock, bringing aggregate gross proceeds to approximately $52 million.
$45 million in NIA grants: Cognition was awarded a $30 million grant from the National Institute on Aging (NIA) to support a planned Phase 2 study of CT1812 in dementia with Lewy bodies (DLB). The company received additional grant funding from the NIA to conduct human absorption, metabolism, and excretion (hAME) studies ($1.6 million) and to supplement the ongoing Phase 2 SHINE (COG0201) study of CT1812 ($13.6 million). In 2020, Cognition experienced a temporary delay in enrollment and patient treatment in the SHINE trial due to the COVID-19 pandemic. With the additional capital from the NIA, Cognition has recommenced enrollment in the trial.
Key 2021 Operational Achievements
Management team: Anthony Caggiano, M.D., Ph.D., was appointed to the position of chief medical officer and head of R&D. Additionally, Mary Hamby, Ph.D., was promoted to VP of research. Together, Drs. Caggiano and Hamby will oversee ongoing and planned trials of CT1812 for the treatment of mild-to-moderate Alzheimer’s disease, dry age-related macular degeneration (dry AMD) and DLB, as well as the identification and optimization of preclinical candidates.
Board composition: Cognition appointed Ellen B. Richstone to the board of directors. She serves as chair of the audit committee.
Key 2021 Pipeline Achievements
Foundational science: Findings supporting the role of sigma-2 (σ-2) receptors in the pathology of Parkinson’s disease (doi: 10.1002/jnr.24782) and in Alzheimer’s disease (doi:10.1111/jnc.15212) were published in January 2021.
Clinical trials: The SNAP (COG0104) clinical study was completed, was observed to demonstrate Aβ oligomer displacement as measured in the CSF, providing evidence of target engagement and confirmation of CT1812’s unique mechanism of action. The SPARC (COG0105) study was also completed in 2021, providing evidence that CT1812 slowed brain atrophy in patients with mild-to-moderate Alzheimer’s disease as assessed by brain volume. Complete results from both SNAP and SPARC will be presented at upcoming medical meetings.
Expansion into new indications: Clinical programs were established in DLB and dry AMD and discussions with regulators and clinical sites commenced.
“2021 was a transformative year for Cognition Therapeutics. We completed our IPO, secured significant additional non-dilutive funding and progressed our pipeline creating a product portfolio in addition to our lead candidate CT1812,” stated Lisa Ricciardi, Cognition Therapeutics’ president and CEO. “We expect to continue the momentum in 2022 to advance our ongoing and planned studies, bring forward new compounds to expand the pipeline. Through these efforts, we aim to create shareholder value and advance medicines for Alzheimer’s and other neurodegenerative diseases.”
Key 2022 Goals and Initiatives
Progress the Phase 2 Alzheimer’s Clinical Trials Consortium (ACTC) study with 540 early-stage AD patients, assessing cognition and biomarkers. This trial is funded by an NIA $81 million grant.
Enroll the final cohort in the ongoing SHINE trial recruiting 120 patients with mild-to-moderate Alzheimer’s disease. An interim analysis demonstrated a clinically meaningful three-point change in ADAS-COG scores at day 185, and a statistically significant reduction in Aβ protein in the treated arm. This study is supported by a $30 million grant from the NIA.
Expand the pipeline with Phase 2 dry AMD study and DLB studies, the latter of which is funded by a $30 million grant from NIA.
Advance preclinical work in Parkinson’s disease evaluating two σ-2 modulators for clinical development. This project is partially funded by a grant from the Michael J. Fox Foundation.
Beginning today, Cognition Therapeutics is participating in one-on-one meetings during the week of the annual JP Morgan Healthcare Conference, January 10-14, 2022, and will present on a panel at the Biotech Showcase conference, titled, “Aduhelm Stimulating the Next Generation of AD Treatment.” In addition, Cognition is participating in today’s Nasdaq Opening Bell Ceremony, which is dedicated to the healthcare sector.
About Cognition Therapeutics:
Cognition Therapeutics, Inc. is a clinical-stage biopharmaceutical company engaged in the discovery and development of innovative, small molecule therapeutics targeting age-related degenerative diseases and disorders of the central nervous system, or CNS, and retina. Our goal is to develop disease modifying treatments for patients with these degenerative disorders by initially leveraging our expertise in the sigma-2 (σ-2) receptor, which is expressed by multiple cell types, including neuronal synapses, and acts as a key regulator of cellular damage commonly associated with certain age-related degenerative diseases of the CNS and retina. We believe that targeting the σ-2 receptor complex represents a mechanism that is functionally distinct from other current approaches in clinical development for the treatment of degenerative diseases.
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Cognition Therapeutics, Inc.
Aline Sherwood (media)