An Israeli biopharmaceutical company, Mitoconix Bio, has nabbed $20 million from investors to develop a promising drug for the treatment of Huntington’s disease and other neurodegenerative disorders.
The company was founded in August 2016 by Daria Mochly-Rosen, of Stanford University’s School of Medicine. Mochly-Rosen led a team of researchers that identified the molecular interactions that cause the mitochondria in brain cells to break down into smaller, dysfunctional versions of themselves.
While the company is focusing on developing a drug specifically for Huntington’s disease, its success would lay the foundation for similar treatment advances for other neurodegenerative disorders, including Alzheimer’s and Parkinson’s.
Mitoconix Bio licensed the inhibitor technology from Stanford University. The $20 million raised will fund preclinical and clinical trials in humans.
Remiges Ventures, a US-based venture capital firm, led the round of funding in partnership with OrbiMed, Dementia Discovery Fund, Arix Bioscience and RMGP Bio-Pharma Investment Fund
Mitoconix Bio was established at the biotech incubator FutuRx in Israel, which is backed by Johnson & Johnson and the Israel Innovation Authority, among others.
