Vaccinex Inc., a clinical stage biotechnology company focused on developing new treatments for Alzheimer’s disease, has announced a $60 million revenue sharing agreement to support the continued development of pepinemab, its investigational antibody therapy. The funding comes from Pepinemab Development Venture LP, an investment group formed by FCMI, which is already a long standing investor in Vaccinex. Albert Friedberg, who serves as Chairman of FCMI, is also the Chairman of the Vaccinex Board. The new financing will be used to expand and advance a Phase 2b clinical trial evaluating pepinemab in patients with Alzheimer’s disease.
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Under the terms of the agreement, Pepinemab Development Venture LP will provide the committed funding in exchange for a share of future financial returns tied to pepinemab. Vaccinex will allocate 50 percent of any future proceeds related to neurological uses of the drug to the investor, while 25 percent of proceeds from non neurological indications will also be shared. The structure allows Vaccinex to continue development while retaining operational control of the program.
Pepinemab is designed to block the activity of semaphorin 4D, also known as SEMA4D, a signaling protein linked to neuroinflammation and brain damage. Earlier research in animal models and clinical testing suggested that inhibiting this pathway may reduce harmful interactions between astrocytes and microglia, two types of brain cells involved in inflammation. Results from the early SIGNAL AD Phase 1 and 2a clinical trial showed that pepinemab helped preserve blood vessel integrity in the brain and reduced levels of disease associated proteins found in cerebrospinal fluid. These included SNAP25, which is linked to synaptic loss, and GAP 43, a protein associated with the spread of tau pathology.
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Additional clinical evidence came from a randomized Phase 2 study in Huntington’s disease involving 179 participants, as well as from the completed SIGNAL AD trial in patients with mild cognitive impairment and early Alzheimer’s disease. Across these studies, pepinemab was generally well tolerated. Data suggested that patients treated earlier in the disease course experienced favorable changes in biomarkers related to disease progression, along with signs of slower cognitive decline when compared with placebo groups.
More recently, new scientific findings have strengthened the rationale for targeting the SEMA4D pathway. A research team led by Dr Philip De Jager, Professor of Neurology and Chief of the Division of Neuroimmunology at Columbia University Medical Center, identified a distinct group of astrocytes called Ast10 that are closely associated with cognitive decline in Alzheimer’s disease. Their work highlighted the SEMA4D PLXNB1 signaling pathway as a key regulator of these cells. Based on data shared by Dr De Jager and his colleagues, Vaccinex researchers observed that treatment with pepinemab reduced the presence of Ast10 cells in the brain, which appeared to correlate with a slower rate of cognitive decline compared with placebo treated patients. These findings were presented at the Clinical Trials on Alzheimer’s Disease Conference held in San Diego in December 2025.
According to the company, the growing body of biological, genetic, and clinical evidence supports continued development of pepinemab as a potential new therapeutic option for Alzheimer’s disease. Vaccinex believes that targeting SEMA4D driven pathology represents a differentiated approach that could address underlying mechanisms of disease progression and offer meaningful benefits to patients if successful in later stage trials.
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