ProJenX – a clinical-stage biotechnology company developing novel, brain-penetrant therapies targeting biologically defined pathways for the treatment of amyotrophic lateral sclerosis (ALS) and other debilitating brain diseases – recently announced the initial closing of a $15 million Series A financing. Led by Medical Excellence Capital – which also led the company’s seed financing round and created ProJenX in collaboration with Project ALS and researchers at Columbia University – the Series A funding round will fund the continued development of ProJenX’s lead compound, prosetin, for the treatment of ALS.
ProJenX also announced the appointment of Rick Hartz to its board of directors. Hartz is currently Senior Vice President, Global Pharma & Human Health Business Development at Merck & Co., Inc. Hartz has over 30 years of commercial, marketing, and business development leadership experience across multiple therapeutic areas. At Merck, he leads a global commercial team responsible for cardiovascular, respiratory, metabolic, infectious disease, hospital/specialty, immunology, and neuroscience. His previous positions at Merck include SVP for Global Oncology Partnerships, SVP US Managed Markets and Chief Marketing Officer, US Market. He earned a bachelor’s degree in economics from Dickinson College and an MBA from The Wharton School of the University of Pennsylvania.
Prosetin is a first-in-class, novel, selective, oral, brain-penetrant, and mitogen-activated protein kinase kinase kinase kinase (MAP4K) inhibitor. And MAP4Ks were discovered as critical regulators of neuronal survival in a patient-specific and cell-based discovery platform developed by ProJenX co-founders at Columbia University, and prosetin was optimized for potency against MAP4Ks, efficacy in motor neuron rescue, and preferential distribution to the CNS. Prosetin is an investigational new drug and it has not been approved by the FDA.
KEY QUOTES:
“We are focused on accelerating the development of prosetin to meet the critical need for new treatments for people living with ALS. We are encouraged by the therapeutic window emerging from our phase 1 trial and ongoing nonclinical studies and are looking forward to advancing prosetin to people living with ALS in early 2024. We are also thrilled to welcome Rick to our board and know that he will add tremendous value given his extensive global commercial and business development experience at Merck.”
— Stan Abel, the company’s president and CEO
“I am excited to join the ProJenX Board and contribute to its mission to advance promising therapies for ALS and other neurodegenerative diseases. With an orphan drug designation, prosetin is poised to advance toward a global pivotal trial next year and I look forward to working with my fellow board members and the ProJenX team to help guide the growth of the company.”
— Rick Hartz
