PITTSBURGH, Oct. 12, 2021 /PRNewswire/ — Pittsburgh Life Science Greenhouse (PLSG) is proud to share that one of its portfolio companies, Cognition Therapeutics, Inc., launched an initial public offering on Friday, October 8, 2021, trading on the Nasdaq Global Market under the ticker symbol “CGTX.” Cognition Therapeutics’ IPO is expected to generate approximately $45.2 million in gross proceeds.
Cognition Therapeutics has discovered and is developing a pipeline of novel, disease modifying, oral drug candidates to treat a broad array of neurodegenerative and neuro-ophthalmic disorders. The company’s pipeline compounds uniquely target the sigma-2 (σ-2) receptor, a key regulator of the cellular damage response. CT1812, the lead product candidate, is being assessed in a comprehensive clinical program for Alzheimer’s disease.
PLSG was Cognition Therapeutics’ first investor and was instrumental in generating follow-on investments from the region. In addition, PLSG brought the company to Pittsburgh by providing the company with its first chief executive officer and laboratory located in Pittsburgh’s South Side.
“PLSG identified early on the strength of the technology and worked diligently to provide the support needed for success,” said PLSG CEO Diana Cugliari. “We are so excited that this technology has now generated the funding to bring potentially life changing therapy to so many patients and their families who are suffering from neurodegenerative and neuro-ophthalmic disorders, including Alzheimer’s.”
The influx of capital PLSG expects to receive from Cognition Therapeutics’ IPO will be reinvested back into the region to support the efforts of other life sciences startup companies, simultaneously cultivating scientific breakthroughs, strengthening our region’s economy, and creating jobs.
“The success of Cognition Therapeutics underscores the mission of PLSG – perpetuating the cycle of life sciences startup companies from inception to commercialization and leveraging that success to grow the next generation of life sciences companies to enrich our region’s economy as well as advance scientific discovery. This is a great economic development success story for the region and for the Commonwealth of Pennsylvania, who have steadfastly supported our efforts,” said Ms. Cugliari.
The Pittsburgh Life Sciences Greenhouse (PLSG) is a comprehensive life sciences economic development organization. We are dedicated to advancing life sciences in western Pennsylvania by building on the region’s strengths in research, clinical care and life sciences entrepreneurship. We serve our community by providing knowledge, connection and capital to help companies grow, create jobs and improve the health of all humanity. For more information, please visit www.plsg.com.
SOURCE Pittsburgh Life Sciences Greenhouse