Neuron23, a US-based precision medicine developer co-founded by biopharmaceutical company Origenis, emerged from stealth on Wednesday with a total of approximately $114m in series A and series B funding.
Life science investment firm Westlake Village BioPartners and venture capital firm Kleiner Perkins initially provided $33.5m of series A funding for Neuron23.
The company added $80m in a series B round led by Redmile Group and backed by Westlake Village BioPartners, Kleiner Perkins, Cowen Healthcare Investments, Acorn Bioventures, HBM Partners, Perceptive Advisors and Surveyor Capital, a subsidiary of hedge fund Citadel.
Neuron23 is developing precision medicines used for the treatment of genetic neurological diseases such as Parkinson’s disease as well as immunological diseases. It had been in stealth mode since it was founded in 2018 by Origenis, Kleiner Perkins and neurogeneticist Adam Knight,.
The funding will be used to expand Neuron23’s drug discovery and biomarker platforms, which it uses to identify potential therapeutics. The cash will also finance the advancement of two or three of its product development candidates into clinical trials.
Nancy Stagliano, Neuron23’s chairwoman and chief executive, said: “We are pleased to have such strong support from this syndicate of blue-chip investors who recognise our potential to build a new type of precision medicine company.”
“Neuron23’s approach can revolutionise how we treat genetically defined neurological and inflammatory diseases, thus significantly improving patients’ lives.”