Clal Biotechnology Industries (CBI), an Israel-based investor which is connected to Len Blavatnik’s Access Industries group of industrial companies, is reported to have participated in an extra $6m series A round of financing for Mnemosyne Pharmaceuticals, a US-based biotechnology company focused on the discovery and development of small molecule therapeutics for the neuropsychiatry market. Atlas Venture, a US-based venture capital investor, also participated in the financing, which takes Mnemosyne’s total series A funding to $11.4m.
Previously in February 2012, Mnemosyne secured $5.m in series A financing, led by Access BridgeGap Ventures, the early-stage venture investment arm of Access Industries focused on the therapeutics space, and also including existing venture capital investor Slater Technology Fund, a Rhode Island state-backed venture capital fund.
Kollol Pal, president and chief executive officer of Mnemosyne, is reported to have stated that his company is in discussions with other potential pharmaceutical partners on a potential investment for a different drug development.