Cognitive deficits are a core feature of numerous psychiatric and neurodegenerative disorders, affecting over 40% of individuals with major depressive disorder (MDD), 45-77% of those with schizophrenia and bipolar disorder, and millions more experiencing age-related cognitive decline [1,2]. These impairments—spanning memory, attention, and executive function—persist even in patients whose other symptoms have remitted, leaving a profound impact on daily life. Despite their prevalence, current treatment options are limited and rarely address cognitive symptoms directly, creating a massive gap in care. This unmet need urgently calls for therapies that target the underlying neural mechanisms responsible for cognitive dysfunction.
About Damona Pharmaceuticals
At the forefront of this critical area of research is Damona Pharmaceuticals, co-founded by Dr. Étienne Sibille and his lab at the Centre for Addiction and Mental Health (CAMH), a world-leading research institute at the University of Toronto. Dr. Sibille and his team have focused on understanding how aging impacts brain circuitry and exploring whether neural connections in cognition-critical areas can be strengthened. This research has laid the foundation for Damona’s novel approach to reverse cognitive deficits.
Damona’s lead candidate, DPX-101, targets α5-GABA-A receptors, a critical pathway involved in inhibitory neurotransmission, which is known to show diminished function in conditions like depression and aging [3,4]. Preclinical studies demonstrate that DPX-101 has the potential to restore these pathways, offering hope for patients facing cognitive decline. Unlike traditional antidepressants that primarily modulate monoamines, DPX-101 directly addresses GABAergic hypofunction, a key driver of cognitive impairment in MDD and neurodegenerative diseases. This mechanism is aligned with research showing that GABA interneuron deficits are closely linked to impaired memory consolidation in psychiatric disorders [3,4].
Why Lumira Invested
Lumira Ventures‘ investment in Damona Pharmaceuticals was driven by the company’s groundbreaking scientific approach, the critical unmet clinical need, and the team’s strategic evolution. We first engaged with Damona in 2017 during their initial patent filings and were immediately drawn to the vision and potential of the team. At that time, while they had identified a promising class of novel compounds, translating this into a therapeutic was still in the early stages.
From 2017 to 2021, the team displayed remarkable tenacity and collaboration, working with drug developers and clinicians to identify a lead drug candidate that could address cognitive deficits in MDD patients. Recognizing the team’s ability to scale, in 2021, we re-engaged to refine the business plan and raise capital. Despite the challenging market conditions in 2022, we successfully helped them close a $5.5 million Seed financing, co-led by the Lumira Angelini Biosciences Fund and Noetic Fund. This financing will support Damona’s lead molecule development, targeting cognitive deficits in depression and aging-related diseases.
“The Lumira team was first drawn to the DAMONA opportunity by the quality and depth of the science being generated by company founder Dr. Etienne Sibille, a world-leading scientist in the areas of neuroscience and neuropharmacology. Over the past several years, we built a strong working relationship with Dr. Sibille which enabled us to see the terrific progress culminating in the selection of its lead, AC-101, which the company now plans to take into IND enabling studies.” said Jacki Jenuth, Partner and COO of Lumira Ventures.
We are confident that Damona Pharmaceuticals is on a clear path to success, poised to enter clinical trials in 2024. With a world-class leadership team and a promising therapeutic approach, Damona is primed to become a leader in the biotech space.
Looking Ahead: Transforming Cognitive Health
Since closing the Seed financing, Damona Pharmaceuticals has strengthened its team, expanded its investor group, and hired a strong CEO, John Riley. The company is now positioned to enter clinical trials in 2024, with DPX-101 potentially offering a paradigm shift in the treatment of cognitive deficits associated with MDD, Alzheimer’s, and aging.
Lumira Ventures’ partnership with Damona Pharmaceuticals reflects our belief in the company’s ability to transform mental health care through biologically grounded, mechanism-driven therapeutics. We are excited to support their journey and help bring hope to patients, caregivers, and families struggling with the devastating effects of cognitive decline across a range of psychiatric and neurodegenerative disorders.
Learn more about Damona Pharmaceuticals
Sources:
[1] Source: “Cognitive impairment in schizophrenia: aetiology, pathophysiology, and treatment”, Nature, 2023
[2] Source: “Recognition and Treatment of Cognitive Dysfunction in Major Depressive Disorder”, Frontiers in Psychiatry, 2018
[3] Source: Neurobiology and Depression and Aging, 2023
[4] Source: Damona Pharmaceuticals, www.damonapharmaceuticals.com, 2023