A Sydney biotechnology startup tackling behavioural and psychological symptoms in illnesses such as dementia and substance abuse has raised $14.5m in a Series B.
The raise for Kinoxis Therapeutics, cofounded by researchers from the chemistry and psychology faculties at Sydney University, was backed by pioneering venture fund Uniseed, UniSuper, the university, Stoic VC, and US-based Avicella Capital, as well as several sophisticated investors.
The funding will be deployed on Phase 2 clinical trials, kicking off this month, for a drug developed by the biotech startup, KNX100, to address agitation and aggression in dementia and Class 1 drug users on methamphetamine or cocaine.
The study examining the safety, tolerability and efficacy of KNX100 as a treatment for agitation in 60 dementia patients. Agitation and aggression are common symptoms occurring in around 76% of late stage dementia sufferers.
KNX100 normalises activity in brain circuits that are key regulators of negative emotional states and aggression. In preclinical studies, it reduced aggression and agitation-like behaviour across multiple preclinical models, including a genetic model of Alzheimer’s disease, which is the most common form of dementia.
Kinoxis Therapeutics CEO Hugh Alsop said are targeting a significant unmet treatment need for dementia patients.
“Preclinical studies and excellent safety outcomes in the Phase 1 study led us to the Phase 2 program to specifically explore KNX100’s safety and efficacy in treating agitation and aggression in dementia patients,” he said.
“Notably, KNX100 reduced agitation and aggression symptoms in animal models, without the major sedative and cardiovascular safety liabilities of atypical antipsychotics such as arrhythmia, hypertension and sudden cardiac death5 . We see this as a promising sign that KNX100 has the potential to make a real difference to the lives of dementia patients and their caregivers.”
Uniseed CEO, Peter Devine, who chairs the Kinoxis Therapeutics board, said they’ve been long-term investors in the startup
“We are excited to see Kinoxis investigate new areas of therapeutic applications using one of the company’s key assets,” he said
“It is also encouraging to see Australia continue to be a breeding ground for world-class clinical development.”
The startup previously raised $5 million in a Series A2 in December 2020 and also scored US government grant funding towards using KNX100 as a treatment for behaviour issues in opioid users.
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