WATERTOWN, Mass.--(BUSINESS WIRE)--Progentos Therapeutics, a biotech company addressing the critical unmet need to regenerate myelin and restore function for patients with Multiple Sclerosis (MS) and other demyelinating diseases, today announced its launch and the closing of a $65 million series A round. This funding will enable Progentos to advance its MS program through human proof of concept studies and expand its pipeline in additional degenerative diseases.
Progentos is developing first-in-class small molecules designed to induce remyelination of axons affected by MS. 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.
“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,” said Dr. Chris Loose, CEO of Progentos. “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.”
The series A financing was led by Netherlands-based Forbion which was joined by Alta Partners, Mission BioCapital, Longwood Fund, and Dolby Family Ventures.
“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,” said Forbion General Partner Dmitrij Hristodorov, Ph.D.
About Progentos Therapeutics
Progentos is developing first-in-class compounds to induce endogenous oligodendrocyte progenitor cells to remyelinate axons in patients suffering from MS and other demyelinating diseases. Combining expertise in chemistry, biology and in vivo models, Progentos discovers and develops novel small-molecule drugs to regenerate tissues in patients with degenerative diseases. The Company will have operations in Watertown, MA, USA and Naarden, The Netherlands. More information can be found at www.progentos.com
