US-based neurodegenerative disease treatment developer Yumanity Therapeutics completed a $45m series A round backed by investors including biotechnology producer Biogen and Sanofi-Genzyme BioVentures, a subsidiary of pharmaceutical firm Sanofi, today.
Financial services group Fidelity Management & Research Company led the round, which also featured Alexandria Venture Investments, a subsidiary of biotech real estate company Alexandria Real Estate Equities, as well as Redmile Group and Dolby Family Ventures.
Yumanity will use the funding to advance platforms that will form the basis of treatments for neurodegenerative diseases caused by protein misfolding, such as Alzheimer’s disease, Parkinson’s disease and amyotrophic lateral sclerosis (ALS).
Protein misfolding occurs when amino acid strands fold in the wrong way, can set off a chain reaction that causes brain cells to malfunction and die. It is thought to play a considerable part in the initiation and progression of almost all neurodegenerative diseases.
Tony Coles, chairman and CEO of Yumanity Therapeutics, said: “These proceeds will allow us to devote the resources necessary for our research efforts as we work to discover new drugs for these devastating illnesses.
“We are strongly positioned to continue executing on the science with the goal of helping the millions of people suffering from neurodegenerative diseases.”
John Cox, executive vice president of therapeutic operations at Biogen, and Joel Marcus, founder and CEO of Alexandria Real Estate Equities and Alexandria Venture Investments, will join Yumanity’s board of directors.