Progentos Therapeutics, a biotechnology company addressing the unmet need to regenerate myelin and restore function for patients with Multiple Sclerosis (MS) and other demyelinating diseases, announced its launch and the closing of a $65 million series A round. This funding round will enable Progentos to advance its MS program through human proof-of-concept studies and expand its pipeline in additional degenerative diseases.
Progentos is now developing first-in-class small molecules designed to induce remyelination of axons affected by MS. And in MS, disability is caused by demyelination, damage to the myelin sheaths that support the function and survival of axons. The company’s proprietary molecules outperform previous approaches in differentiating oligodendrocyte progenitor cells (OPCs) to generate new oligodendrocytes and regenerate myelin in in vivo models.
The series A funding round was led by Forbion, a Dutch company, which Alta Partners, Mission BioCapital, Longwood Fund, and Dolby Family Ventures joined.
KEY QUOTES:
“While there are many treatments that are highly effective at slowing the progression of disease, there is a significant unmet need for new approaches that can regenerate myelin and restore function for patients with MS. I am thrilled with the support received from this group of investors and appreciate their recognition of the need to advance the current standard of care for the millions of individuals impacted by MS and other demyelinating diseases.”
– Dr. Chris Loose, CEO of Progentos
“We are truly excited to be part of Progentos’ journey towards delivering potentially disease-modifying drugs for diseases like multiple sclerosis, diseases with high unmet clinical needs. Chris and Sanjay are bringing a high level of technical expertise, entrepreneurship, and leadership and we are honored to support them in this endeavor.”
– Forbion General Partner Dmitrij Hristodorov, Ph.D.
