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Caraway Therapeutics Establishes Collaboration with AbbVie to Develop Novel Small Molecule Therapeutics for Parkinson’s Disease and Other Related Disorders

CAMBRIDGE, MA – June 9, 2021 – Caraway Therapeutics today announced an exclusive, collaboration and option agreement with AbbVie (NYSE: ABBV) to develop and commercialize Caraway’s small molecule therapeutics targeting TMEM175, a potassium ion channel critical to lysosomal function implicated in both Parkinson’s disease (PD) and other neurodegenerative disorders.

TMEM175 is a compelling target with strong genetic support. Loss of function mutations in TMEM175 are associated with reduced lysosomal efficiency in a subpopulation of PD patients, that can manifest as earlier age of disease onset or elevated risk of dementia relative to idiopathic PD. Under this collaboration, Caraway will continue to advance proprietary small molecule TMEM175 modulators, leveraging Caraway’s unique drug discovery platform and expertise in lysosomal biology and cellular clearance mechanisms, and combine with AbbVie’s expertise in disease biology, clinical development, and global commercialization.

“TMEM175 is a compelling genetically validated target for which Caraway has developed a promising drug discovery program. Collaborating with Caraway to advance TMEM175 modulators has great potential to fit with AbbVie’s efforts to develop transformative treatments for patients with neurodegenerative diseases,” said Eric Karran, Ph.D., Vice President, Neuroscience Discovery at AbbVie.

“We are delighted to partner with AbbVie on Caraway’s TMEM175 pipeline program for Parkinson’s disease and other neurodegenerative disorders,” said Martin D. Williams, Chief Executive Officer of Caraway Therapeutics. “Variants in TMEM175 that reduce lysosomal function are highly prevalent genetic risk factors for the development of PD and evidence suggests that patients with reduced TMEM175 function tend to have earlier age of disease onset and increased risk of dementia. We are looking forward to collaborating with AbbVie to develop novel TMEM175 modulators and bring new hope to patients suffering from Parkinson’s and other neurodegenerative disorders.”

Under the terms of the agreement, Caraway will receive an upfront cash payment of $17 million. After Caraway completes certain pre-clinical research and development activities for the collaboration program, AbbVie has an option to license the program and proceed into IND-enabling studies, clinical development, and commercialization.

Caraway is eligible to receive up to $267 million in payments, including upfront and future option payments, and development milestones. Caraway is also eligible to receive additional regulatory and commercial milestones, tiered royalties on global commercial sales, and has the option to participate in product development in return for higher royalty rates.

Caraway is a portfolio company of AbbVie Ventures.

 

About Caraway Therapeutics

Caraway Therapeutics is a biopharmaceutical company pursuing novel approaches for the treatment of genetically defined neurodegenerative and rare diseases. The company is a leader in the cutting-edge science of activating cellular recycling processes to clear toxic materials and defective cellular components by modulating lysosomal function. Caraway is utilizing its unique product engine with proprietary insights into lysosomal function and small molecule ion channel modulation to develop a robust pipeline of precision therapeutic candidates with disease-modifying potential for patients. The company is backed by top-tier investors, including SV Health Investors, AbbVie Ventures, MRLV Fund, Amgen Ventures, Dementia Discovery Fund, Alexandria Venture Investments and Eisai Innovation.

Caraway is based in Cambridge, MA. For more information, please visit www.carawaytx.com.

 

Media Contact:
MacDougall

Kari Watson or Nicholas Chang
(781) 235-3060

kwatson@macbiocom.com or nchang@macbiocom.com

Caraway Therapeutics Expands Leadership Team With Appointment of Martin D. Williams as Chief Executive Officer and Cristina Csimma, PharmD, MHP, as Chair of the Board of Directors

CAMBRIDGE, MA – December 3, 2019 – Caraway Therapeutics, an emerging biopharmaceutical company pursuing novel approaches for the treatment of debilitating neurodegenerative diseases by preserving neurons, today announced it has appointed Martin D. Williams, MS, MBA, as Chief Executive Officer. Earlier this year, the company appointed Cristina Csimma, PharmD, MHP, as Chair of the Board of Directors. These key appointments strengthen Caraway’s leadership team as the company advances small molecule programs focused on genetically validated targets with roles in autophagy.

“Neurodegenerative diseases are among the greatest unmet medical and public health needs.  Caraway’s rigorous scientific approach supported by human genetic data, renowned co-founders and dedication to developing treatments for patients compelled me to join the company,” said Mr. Williams. “I look forward to working with the team to continue advancing our science toward the clinic for the benefit of patients suffering from these devastating diseases.”

Mr. Williams brings more than three decades of global biopharmaceutical experience to Caraway, including public and venture-backed biotechnology firms and multinational pharmaceutical companies. He was most recently Executive Chairman of Yuma Therapeutics, a company focused on neurodegenerative conditions which he co-founded. Mr. Williams will remain on Yuma’s board of directors. Previously, he held a series of leadership roles at pharmaceutical companies, including President and Chief Executive Officer of Tokai Pharmaceuticals, and Chief Business Officer of Dicerna Pharmaceuticals and Synta Pharmaceuticals.

Mr. Williams has closed more than $4 billion in corporate transactions, including numerous partnerships, mergers and acquisitions, and public and private financings. Earlier in his career, Mr. Williams directed the development and commercialization of several flagship brands for GlaxoSmithKline, Hoffmann-La Roche and Lederle/Wyeth (now Pfizer). He has a Master of Business Administration from Harvard Business School, a Master of Science from the University of Manchester, England, and a Bachelor of Arts in biology from the University of Humberside in Hull, England.

“Discovery and development of therapeutics for neurodegenerative diseases, including Parkinson’s disease and amyotrophic lateral sclerosis (ALS), have lagged behind many other major diseases,” said Dr. Csimma. “Martin’s leadership and acumen will help Caraway address this significant unmet need through the development of therapeutics with the potential to alter disease progression by maintaining neuronal health and function.”

Dr. Csimma brings extensive global biopharmaceutical experience in public and private biotechnology companies, global pharmaceutical companies and venture capital to Caraway’s board of directors. In addition to her role with Caraway, she serves in other advisory roles and on the boards of Idera Pharmaceuticals and Seneca Biopharma. Prior to joining Caraway, Dr. Csimma was Executive Chair of the Board of Directors of Exonics Therapeutics (acquired by Vertex), as well as a board member of Juniper Pharmaceuticals (acquired by Catalent), Vtesse (acquired by Sucampo, now Mallinckrodt Pharmaceuticals) and Cydan, where she was also the founding Chief Executive Officer and President. Earlier in her career, Dr. Csimma held roles with Clarus Ventures LLC (now Blackstone), Virdante Pharmaceuticals, Wyeth (now Pfizer), Genetics Institute and Dana-Farber Cancer Institute. She holds a Doctor of Pharmacy and Bachelor of Science from Massachusetts College of Pharmacy, as well as a Master of Health Professions from Northeastern University.

“We are fortunate to leverage Cristina’s expansive biopharmaceutical industry expertise in global drug development and financing,” said Tim Harris, PhD, DSc, co-founder and Scientific Advisory Board Chair. “Her strategic guidance is invaluable as Caraway continues to grow and advance cutting-edge research.”

About Caraway Therapeutics

Caraway Therapeutics is an emerging biopharmaceutical company pursuing novel approaches for the treatment of debilitating neurodegenerative diseases by preserving neurons. Co-founded by renowned biologists and industry veterans, the company is a leader in the cutting-edge science of activating cellular recycling processes to clear toxic materials and defective cellular components. Caraway has a rigorous product engine with multiple approaches to potentially disease-modifying compounds for patients suffering the devastating effects of neurodegenerative diseases. The company is backed by top-tier investors with world-class expertise in central nervous system diseases, including SV Health Investors, AbbVie Ventures, MRLV Fund, Amgen Ventures, Dementia Discovery Fund, Alexandria Venture Investments and Mayo Clinic.

Caraway is based in Cambridge, MA. For more information, please visit https://carawaytx.com.

Media Contact:
Gina Cestari
6 Degrees
(917) 797-7904

gcestari@6degreespr.com

Rheostat Therapeutics Announces Rebrand to Caraway Therapeutics and New Kendall Square Office

CAMBRIDGE, MA – October 10, 2019 – Rheostat Therapeutics, an emerging biopharmaceutical company pursuing novel approaches for the treatment of debilitating neurodegenerative diseases by preserving neurons, today announced the company has changed its name to Caraway Therapeutics.

Caraway Therapeutics is a leader in the cutting-edge science of activating autophagy, the cellular recycling processes to clear toxic materials and defective cellular components. The company has a rigorous product engine with multiple approaches, that leverage genetically defined targets to find potential treatments for patients suffering the devastating effects of neurodegenerative diseases, including Parkinson’s disease and amyotrophic lateral sclerosis (ALS).

Magdalene Moran, PhD, President and Chief Scientific Officer of Caraway, said, “We chose to rebrand the company as ‘Caraway’ because it is suggestive of our scientific approach, to ‘carry away’ cell refuse. With more than six million Americans suffering from neurodegenerative disease, we are committed to addressing an urgent unmet medical need by discovering and developing better treatments.”

Caraway also announced that it has relocated its laboratories and offices in Kendall Square, the life sciences innovation epicenter of Cambridge, MA. The new facility accommodates Caraway’s anticipated growth and facilitates engagement with stakeholders in the biopharma community, including potential partners and collaborators.

Caraway is backed by top tier investors. In November 2018, the company announced the close of a $23 million Series A financing by SV Health Investors, AbbVie Ventures, MRL Ventures, Amgen Ventures, Dementia Discovery Fund, Alexandria Venture Investments and Mayo Clinic.

“With a world-class team of scientists in our new Kendall Square space, we are well positioned to identify novel treatments for neurodegenerative disease,” said Tim Harris, PhD, DSc, co-founder and Scientific Advisory Board Chair. “We look forward to growing the Caraway team and advancing our programs to ultimately provide disease-modifying therapeutics to patients.”

About Caraway Therapeutics

Caraway Therapeutics is an emerging biopharmaceutical company pursuing novel approaches for the treatment of debilitating neurodegenerative diseases by preserving neurons. Co-founded by renowned scientists in cellular biology, the company is a leader in the cutting-edge science of activating cellular recycling processes to clear toxic materials and defective cellular components. Caraway has a rigorous product engine with multiple approaches to potentially disease-modifying compounds for patients suffering the devastating effects of neurodegenerative diseases.

Caraway is based in Cambridge, MA. For more information, please visit https://carawaytx.com

 

Media Contact:
Gina Cestari
6 Degrees
(917) 797-7904
gcestari@6degreespr.com