AN761 is a nicotinic α7 agonist to be developed for cognition deficits in schizophrenia and Alzheimer’s disease. AN761 represents a ‘fast-follower’ in this breakthrough drug class in a market with huge potential. AN761 is potently effective in a wide range of animal models of cognition, and demonstrates clear target engagement. A strong back-up program with leads selected is supportive to AN761. Preclinical toxicology is completed, clinical trial material is available and AN761 is ready for Phase I MAD studies with a partner or as an investment opportunity in a spin-out.