Proceeds will advance a pipeline of precision medicines against neurodegenerative diseases.
Funding will support the clinical development of two therapeutic product candidates for ALS.
AMSTERDAM, the Netherlands, March 9, 2023 – EQT Life Sciences today announced its investment in QurAlis Corporation (“QurAlis”), a clinical-stage biotechnology company developing breakthrough precision medicines for amyotrophic lateral sclerosis (ALS) and other neurodegenerative diseases. The company’s oversubscribed $88 million Series B financing was co-led by EQT Life Sciences, investing from the LSP Dementia Fund, Sanofi Ventures, and Droia Ventures, with participation from the ALS Investment Fund and existing investors LS Polaris Innovation Fund, Mission BioCapital, INKEF Capital, Dementia Discovery Fund, Amgen Ventures, MP Healthcare Venture Management, Mitsui Global Investment, Dolby Family Ventures, Mission Bay Capital, and Sanford Biosciences.
Proceeds from the financing will fund the clinical development of QRL-101 and QRL-201, the Company’s lead product candidates in ALS. In addition, the financing will support the advancement of QurAlis’ preclinical pipeline of therapeutic candidates for selected ALS and frontotemporal dementia (FTD) patient populations, as defined by disease-causing genetic factors and clinical biomarkers.
QRL-101 is a first-in-class Kv7.2/7.3 small molecule ion channel opener for the treatment of hyperexcitability-induced disease progression in ALS. QurAlis announced the first dosing of QRL- 101 in a Phase 1 clinical trial (NCT05667779) in December 2022.
QRL-201 is a first-in-class antisense oligonucleotide that aims to restore STATHMIN-2 (STMN2) expression in ALS patients. STMN2 is important for neural repair and axonal stability, and its expression is significantly decreased in nearly all ALS patients. QurAlis also announced that QRL- 201 recently entered the clinic in the first-ever clinical trial to evaluate a therapy that rescues STMN2 in people with ALS (ANQUR; NCT05633459).
“QurAlis stands out as a leader in the field of neurodegenerative diseases with its next-generation precision medicines and genetically validated targets,” said Prof. Philip Scheltens, MD, PhD, EQT Partner and Head of the LSP Dementia Fund. ‘’We are delighted to support QurAlis and its biomarker-centric approach across neurodegenerative indications and look forward to productive collaborations with the company to advance two therapies through clinical development.’’
“We are fortunate to be funded by this outstanding group of investors who share our commitment to patients with neurodegenerative diseases and our vision to halt disease progression and significantly improve outcomes,” said Kasper Roet, PhD, CEO and co-founder of QurAlis. “This financing will help us advance the clinical development of both QRL-101 and QRL- 201, as well as our other lead product candidates and pipeline, so that we can fulfill our mission to make a meaningful difference in patients’ lives.”
As part of the Series B financing, Cillian King, PhD will join QurAlis’ board of directors and Arno de Wilde, MD, PhD, MBA, will join as board observer on behalf of EQT Life Sciences.
About QurAlis Corporation
QurAlis is trailblazing the path to conquering amyotrophic lateral sclerosis (ALS) and other neurodegenerative diseases with genetically validated targets with next-generation precision medicines. QurAlis’ proprietary platforms and unique biomarkers enable the design and development of drugs that act directly on disease-causing genetic alterations. Founded by an internationally recognized team of neurodegenerative biologists from Harvard Medical School and Harvard University, QurAlis is advancing a deep pipeline of antisense oligonucleotides and small molecule programs including addressing sub-forms of ALS that account for the majority of ALS patients. For more information, please visit www.quralis.com or follow us on Twitter @QurAlisCo.
About EQT Life Sciences
EQT Life Sciences was formed in 2022 following the integration of LSP, a leading European life sciences venture capital firm, into the EQT platform. As LSP, the firm raised over EUR 3.0 billion (USD 3.5 billion) and supported the growth of more than 150 companies since it started to invest over 30 years ago. With a dedicated team of highly experienced investment professionals coming from backgrounds in medicine, science, business, and finance, EQT Life Sciences backs the smartest inventors who have ideas that could truly make a difference for patients. The team combines deep sector knowledge, analytical skills, and investment experience to provide the added value that inventors seek. EQT Life Sciences’ broad life sciences and healthcare network is highly complementary to EQT’s global healthcare sector franchise and makes EQT an even better and more innovative healthcare investor.
For more information please contact:
Cillian King, PhD
Managing Director, EQT Life Sciences
+ 31 20 664 5500
The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of LSP Dementia Fund will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document that would be obtainable from the issuer or its agents and would contain detailed information about the issuer of the securities and its management, as well as financial information. The securities may not be offered or sold in the United States absent registration or an exemption from registration.
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