Jan. 15, 2015
Cognoptix CEO Paul Hartung tells angel investors:
"Our focus is to change the course of Alzheimer's disease."
ACTON, Mass. — Cognoptix Chairman, CEO and President Paul Hartung told a group of angel investors last evening: "Our focus to change the course of Alzheimer's disease by enabling early diagnosis at the point of care." Mr. Hartung made his remarks at yesterday's Launchpad Venture Group "CEO Portfolio Summit." Boston-based Launchpad, an investor in Cognoptix, is the largest angel-investing firm in the Northeast and one of the top-three most active groups in the United States in both deal volume and dollars invested.
By detecting a specific fluorescent signature of ligand-marked A-beta in the supranucleus region of the human lens, the Cognoptix SAPPHIRE II eye test achieved a sensitivity of 85% and a specificity of 95% in differentiating 20 patients who were clinically diagnosed with probable AD from a group of 20 age-matched healthy volunteers in a Phase II clinical trial. In addition, the SAPPHIRE II test showed superior correlation to PET (positron emission tomography) amyloid brain imaging, with 95% specificity for SAPPHIRE II versus 80% for PET brain imaging.
"We made tremendous progress in 2014 related to the clinical development of our technology and the strengthening of our cash position," Hartung told Launchpad angel investors. "We fully expect 2015 to bring us further significant progress toward commercialization of our non-invasive diagnostic eye test for AD, designed to allow treatment to start before significant neuronal loss and irreversible brain damage occur."
In September 2014 Cognoptix announced that it had closed the first tranche of a financing totaling $15 million, with participation from Launchpad, the initial Cognoptix investor. Another 2014 highlight was the completion of a Phase 2 clinical trial of its eye test with "very strong results," said Hartung. "Our focus now is on preparing for our 20-site Phase 3 pivotal study."
Mr. Hartung, who orchestrated the first-ever Series A syndicated Angel deal in the Northeast, has closed Seed, Series A, Series B and Series C rounds of financing for Cognoptix totaling $29 million with an international Angel and VC syndicate. He has extensive management experience launching successful startup businesses and leading Fortune 500 organizations. He holds a Master of Science degree in Mechanical Engineering, with honors, from the Massachusetts Institute of Technology (MIT).
Cognoptix, a privately held medical technology company headquartered in Acton, Mass., is focused on developing and commercializing an in-office, drug/device diagnostic system—SAPPHIRE II— as an aid in the early detection of Alzheimer's Disease (AD). In addition to Launchpad Venture Group, Cognoptix investors also include Alopexx Enterprises and Inventages Venture Capital.
NOTE: The SAPPHIRE II system is approved for investigational use only in the United States.
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