Alector, a clinical-stage biotechnology company focusing on the immune system to treat degenerative brain disorders such as Alzheimer’s disease, completed a successful initial public offering in February 2019, raising additional resources to fund human clinical trials of its experimental therapies.
Alector was MBC Biolab’s first resident company at our flagship incubator in San Francisco. Arnon Rosenthal, Ph.D., CEO and co-founder of Alector, moved in when the paint was still drying. In just three years, the team found 40 promising targets, developed 14 programs, and raised $90 million in private funding – all with an onsite team of 14. Since then, the Alector team has executed a partnership with AbbVie and completed another significant funding round, putting the Company on an unprecedented trajectory leading them to this huge milestone.
With a preliminary target raise of $150 million for its IPO, Alector (stock symbol “ALEC”) had a hugely successful offering – raising $185 million. The IPO proceeds will, together with its existing resources be used to advance the Company’s four lead programs through human testing for the treatment of neurodegenerative disorders including frontotemporal dementia and Alzheimer’s disease as well as continue to advance the Company’s preclinical development pipeline into clinical studies.
Nearly all families have been touched by the sad experience of watching a loved one fade away from the inside – losing memory and motor function because of Alzheimer’s, Parkinson’s disease, frontotemporal dementia, or other neurodegenerative diseases. Finding effective treatments for these diseases is one of the most pressing medical needs of our time.
We’re thrilled to see a company who has grown alongside us tackling this cause head on. We couldn’t be more pleased to see their hard work pay off.