Former Allergan president’s new venture, Chase Pharmaceuticals, raises $12M round for Alzheimer’s drug

The company, now led by former Allergan president Douglas S. Ingram, just raised a new $12 million round to advance its therapies for neurodegenerative disease.

brainSoon after appointing former Allergan president Doug S. Ingram as its chief executive, Chase Pharmaceuticals has raised $12 million in a new equity round, according to a regulatory filing. The startup is developing drugs to improve the symptoms of Alzheimer’s – with drugs that improve cognition and behavioral symptoms associated with the neurodegenerative disease.

Ingram joined the Washington, D.C.-based Chase Pharmaceuticals this past December. He led Allergan until its acquisition, a year ago, by Actavis Pharmaceuticals – a merge that ultimately led to that $160 billion Pfizer coupling.

The company has three compounds in the clinic: CPC-201, which is closing out Phase 2 trials, and CPC-212 and CPC-250, which are through Phase 1 trials.

Alzheimer’s disease has been notoriously difficult treat, as the biological underpinnings have yet to be understood properly. Symptomatic improvements could prove a smart stopgap to addressing this global problem.

“There have been scant improvements in the treatment of Alzheimer’s disease in the last two decades, leaving patients and their physicians with few treatment choices and little hope,” Ingram said in a December statement.

The regulatory filing lists 14 investors in this new round of funding.