Israeli biopharmaceutical company Mitoconix Bio Ltd. announced today that it has raised $20 million in a Series A financing round led by Remiges Ventures with participation from OrbiMed, Dementia Discovery Fund, Arix Bioscience, RMGP Bio-Pharma investment Fund and others.
The proceeds will be used to advance Mitoconix Bio's lead product for the treatment of Huntington's disease through preclinical and clinical development and to expand its therapeutic pipeline to treat additional neurodegenerative disorders by improving mitochondrial function.
"We are very excited to complete our financing round with a leading group of investors that recognize the transformative potential of Mitoconix Bio’s technology for the treatment of neurodegenerative diseases," said Dr. Eyal Neria, CEO of Mitoconix Bio. "The great need for medicines to slow or arrest progression of neurodegenerative diseases motivates us to rapidly advance our lead product to clinical development and to create a pipeline of therapies for these devastating diseases."
Mitoconix Bio is pioneering a disease-modifying strategy of improving mitochondrial functions for treating neurodegenerative diseases. Mitochondria are the energy-generating organelles within cells, and their proper function is critical for human health. Excessive mitochondrial fragmentation resulting in small and dysfunctional mitochondria is a central pathological process in human diseases and specifically neurodegeneration Mitoconix Bio’s lead product MTC-1203, is a first-in-class selective inhibitor of excessive mitochondrial division for treating Huntington’s disease and other neurodegenerative disorders. MTC-1203 has demonstrated efficacy in mouse models of Huntington’s and Parkinson's diseases.
Established in August 2016 at the FutuRx incubator in Ness Ziona, Mitoconix Bio’s program is based on the breakthrough scientific discoveries of its founder Daria Mochly-Rosen, The George D. Smith Professor in Translational Medicine at Stanford University, School of Medicine, and her team. The Stanford team has identified the molecular-based pathological interactions leading to excess mitochondrial fission and based on that identified pharmacological inhibitors of excess fission. Mitoconix exclusively licensed the technology from Stanford University.
Taro Inaba, Founder and Managing Partner of Remiges Ventures, said, "Mitoconix Bio offers a disruptive approach of improving mitochondrial health for treating neurodegenerative diseases, which is based on the breakthrough discoveries of Prof. Mochly-Rosen. We are extremely excited to lead Mitoconix Bio’s Series A round that provides sufficient funds to bring its lead product to the clinic, aiming to be a first-in-class disease-modifying therapeutic for treating neurodegenerative diseases including Huntington’s disease.”
FutuRx CEO Dr. Einat Zisman said, “This is the second successful series A round of a FutuRx portfolio company this year. This investment validates the quality of the technologies that are selected and effectively incubated by FutuRx, resulting in portfolio companies that are attractive to global biopharma investors.”
Anya Eldan, General Manager, Start-Up Division, Israel Innovation Authority, added, "The Israel Innovation Authority Biotech Incubator program brings together experienced investors and management teams. Government support reduces the risk and enables establishment of innovative early stage ventures such as Mitoconix."
Published by Globes [online], Israel business news - www.globes-online.com - on June 27, 2017
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