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Alector, a South San Francisco-based biotech, raised $176 million in an initial public offering in February based on a bold idea: that the battle against Alzheimer’s disease and other forms of dementia may rely a lot more on the brain’s innate immune system than on targeting the misfolded proteins that have been the pharmaceutical industry’s main targets so far.

“The immune system is a lot more versatile than our drugs,” said Alector chief executive and co-founder Arnon Rosenthal.

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