IRVINE, Calif., Feb. 1, 2022 /PRNewswire-PRWeb/ -- Tech Coast Angels (TCA) today announced that one of its portfolio companies, Cognition Therapeutics, Inc., launched an initial public offering (IPO) in October 2021. The IPO was oversubscribed, raised approximately $52M, and resulted in up to a 5.7x return to TCA members who invested in the company. TCA members invested a significant $1.15 million in the company, and the exit was the 14th highest dollar gain for TCA among its first 215 outcomes.
Cognition Therapeutics, based in New York with laboratory operations in Pennsylvania, is a biopharmaceutical company in the process of developing a pipeline of oral drug candidates to treat neurodegenerative and neuro-ophthalmic disorders, such as Alzheimer's disease. Prior to its IPO, the company raised about $43m from angel investors and small venture networks, received $120M in NIH grants and went from an idea to a first-in-class disease-modifying Alzheimer's drug candidate that's currently in a comprehensive Phase 2 clinical program. In 2016, the Angel Capital Association bestowed the Luis Villalobos Award, named after TCA beloved founder, on Cognition Therapeutics
"From the outset, we were so impressed with the team: their level of knowledge, their passion, their vision, and their confidence in a novel approach in the restoration of damage responses to neurodegenerative diseases," said John Murphy, TCA deal lead. "But on top of that, Cognition Therapeutics consistently provided an incredible level of transparency in communications to its investors, with regular updates on progress and in the industry."
"It was an absolute pleasure to work with TCA, and I've enjoyed relationships with many of its members, some of whom have a personal connection to the disease," said Dr. Susan Catalano, Cognition Therapeutics' CSO. "I received a lot of helpful advice and guidance, and it was a privilege to be able to share the journey with them."
"This is a classic case of a startup with an excellent idea and leadership team that needed capital and connections from angels to advance its innovation," said TCA chairman emeritus John Harbison. "TCA was able to provide guidance and help Cognition Therapeutics realize its full potential in its desire to stop the process of debilitating diseases such as Alzheimer's."
About Tech Coast Angels:
Tech Coast Angels (TCA) is one of the largest and most active angel investor networks in the nation, and a leading source of funding for seed-stage and early-stage companies. The angel network consists of more than 500 members in Southern California. Every TCA member is an accredited investor, and companies in which TCA invest go through well-structured, transparent, time-efficient screening and due diligence. TCA members are founders and business leaders who have extensive knowledge in the investment process and world-class business practices, and thus are able to provide companies with more than just capital: they also contribute counsel, mentoring and access to an extensive network of investors, customers, strategic partners, and management. In December 2020, TiE named Tech Coast Angels the Most Active Angel Network in the World. Since its founding in 1997 by Luis Villalobos, TCA has invested over $255 million in more than 500 companies and has helped attract more than $1.7 billion in additional capital/follow-on rounds. http://www.techcoastangels.com.
For more information:
Kimber Smith Fidler
For Tech Coast Angels
+1 775 298 5260 / [email protected]
Kimber Smith Fidler, for Tech Coast Angels, +1 775 298 5260, [email protected]
SOURCE Tech Coast Angels