Progentos Therapeutics Closes $65 Million Series A Financing to Advance Treatments for Multiple Sclerosis and Other Degenerative Diseases
May 20 2024 - 2:00PM
Business Wire
Founded by Chief Executive Officer Chris Loose,
Ph.D. and Chief Scientific Officer, Sanjay Magavi, Ph.D., Progentos
to Drive Clinical Development of Novel Therapeutics for
Remyelination
Financing Led by Forbion with other Leading
Life Science Investors including Alta Partners, Mission BioCapital,
Longwood Fund, and Dolby Family Ventures
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
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Jason Glashow Glashow Strategic Communications for Progentos
Therapeutics jason@glashowstrategic.com