Cognito Therapeutics has raised $73m in a Series B financing round to advance its home-based wearable neuromodulation device for Alzheimer’s Disease.

The FoundersX Ventures-led financing round involved participation from all existing investors as well as new investors, including Alzheimer’s Drug Discovery Foundation (ADDF), Starbloom Capital, IAG Capital and WS Investment Company, the venture arm of Wilson Sonsini.

With the new funding, the firm’s total amount raised since inception stands at $93m.

Cognito CEO Brent Vaughan said that the device has the potential to be a disease-modifying therapeutic approach for the treatment of neurodegenerative diseases, beginning with Alzheimer’s.

Cognito plans to use the latest proceeds to advance its pivotal study of the non-invasive neuromodulation device, which is designed to deliver proprietary gamma frequency light and sound stimulation to treat Alzheimer’s Disease.

Cognito Therapeutics board member Dr Kuntz said: “Abnormalities in the brain’s electrophysiology represent exciting novel targets for the treatment of neurodegenerative diseases.

“By broadening the therapeutic target from specific proteins to the underlying neuronal pathophysiology, Cognito’s proprietary approach has shown that it can fundamentally alter disease processes and potentially achieve disease modification unique from more traditional approaches.”

In a prior Phase II clinical trial, the device demonstrated significant slowing in functional and cognitive decline in the treatment group over a period of six months. It also showed a significant decline in brain atrophy.

Cognito intends to further demonstrate the device’s efficacy by enrolling 500 patients across 50 clinical centres in the US in its pivotal clinical HOPE for Alzheimer’s Disease trial.

FoundersX Ventures founder and managing partner Helen Liang said: “A non-drug neuromodulation intervention has the potential to better address the complex nature of neurodegenerative diseases such as Alzheimer’s, and Cognito is well-positioned to be a leader in this new paradigm.

“Cognito is a pioneer at the unique intersection of biology and technology in using neuromodulation to potentially alter the trajectory of neurodegenerative diseases, and we’re thrilled to support the advancement of this pivotal study in Alzheimer’s.”