Pittsburgh’s Knopp NeuroSciences raising $12.5 million for ALS drug

PITTSBURGH, Pennsylvania — Knopp NeuroSciences, which is rapidly developing a drug to treat Lou Gehrig’s disease, is raising $12.5 million, according to a filing with the Securities and Exchange Commission.

The company’s drug earlier this month received Fast Track designation by the U.S. Food & Drug Administration. That designation could speed approval of the drug, an oral medication called KNS-760704. It already has orphan drug status — which offers tax incentives and protection from competition — in both the United States and Europe.

Knopp will present data from a recently completed Phase 2 trial in December in Berlin, Germany.

Lou Gehrig’s disease, also known as amyotrophic lateral sclerosis (ALS), is a fatal neurodegenerative disorder that’s causes progressive muscle deterioration.

The company has raised $27 million to this point and will raise this next round of money through equity and warrants, according to the SEC. Its previous investors include Saturn Partners, Kramer Capital Partners and LaunchCyte.