Mitoconix Bio, an Israel-based biopharmaceutical startup that emerged from the corporate-backed FuturRx incubator, has raised $20m in an oversubscribed series A round led by venture capital firm Remiges Ventures.
Arix Bioscience, OrbiMed, Dementia Discovery Fund and RMGP Bio-Pharma Investment Fund, which invests in portfolio companies of FuturRx, also contributed capital.
Mitoconix, which was founded in 2016 by FutuRx, has obtained an exclusive licence to research conducted by professor Daria Mochly-Rosen and her team at Stanford University. It is working on compounds that could treat neurodegenerative disorders such as Huntington’s, Parkinson’s and Alzheimer’s diseases.
The funding will go towards the advancement of the company’s lead candidate, MTC-1203, through pre-clinical and clinical development, and Mitoconix also plans to expand its product pipeline. Jonathan Tobin, of Arix Bioscience, will join Mitoconix Bio’s board as an observer.
FutuRx was established in 2014 by Johnson & Johnson Development Corporation and Takeda Ventures, subsidiaries of pharmaceutical firms Johnson & Johnson and Takeda, as well as investment firm OrbiMed’s OrbiMed Israel Partners unit and the Chief Scientist’s Office of the Israeli government.
– The original version of this article appeared on our sister site, Global University Venturing.