New Haven, CT – According to filings with the U.S. Securities and Exchange Commission, Allyx Therapeutics is raising $8,031,491.00 in new funding. Sources indicate as part of senior management Chief Executive Officer, Stephen Bloch played a key role in securing the recent investment and it will aid in aggressively expanding the company, as well as broaden and accelerate product development.

About Allyx Therapeutics

Synapse loss is the main driver of cognition and function loss in Alzheimer’s disease patients during early stages of disease. Over the past decade, Professor Stephen Strittmatter and founder of Allyx Therapeutics has mapped out the mechanism for synapse loss. Central to this process is the activation of Cellular Prion Protein (PrPC) and the metabotropic glutamate receptor 5 (mGluR5). Blockade of either protein target is capable of reversing learning and memory deficits while rescuing synapse loss. We believe this approach is capable of delivering a disease modifying approach and preserve cognition in human patients. Our lead program, ALX-001, is an orally bioavailable small molecule which acts as a silent allosteric modulator (SAM) of mGluR5. ALX-001 has progressed to IND submission and a Phase 1 clinical study is planned in Q1 2021.

To learn more about Allyx Therapeutics, visit http://allyxthera.com/

Contact:
Stephen Bloch, Chief Executive Officer
203-855-0400
https://www.linkedin.com/in/stephen-bloch-md-7a812616/

SOURCE: http://www.intelligence360.io
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