Geneva, Switzerland, September 4th 2013 – Mind-NRG, the Swiss-based company focusing on developing neuregulins to treat neurodegenerative diseases, announces the close of its Series B financing raising 6 Million EUR (~8 Million USD). The financing was led by new investor LRM, a Belgian based investor specialising in Life Sciences, along with existing investor and leading venture capital firm Index Ventures.
Mind-NRG, created in 2010, is investigating the use of neuregulins in treating a variety of neurological and psychiatric disorders. The compounds are neurotrophic factors that have disease modifying potential and naturally cross the blood-brain barrier. In particular, Mind-NRG is developing NRG-101 to treat the early-stages of neurodegenerative diseases such as Parkinson's disease and Alzheimer's disease, as well as schizophrenia.
The Company plans to use the funding to elucidate the mechanism of NRG-101's neuroprotective effect in Parkinson's disease, with the aim of taking forward the compound to proof-of-concept studies in patients. To date, NRG-101 has been shown to target multiple mechanisms of neurodegenerative diseases, setting it apart from other neuroprotective compounds that inhibit single disease-related targets or pathways.
Commenting on the news, Michèle Ollier, Chairman of Mind-NRG and Partner at Index Ventures said: "By developing an early-stage treatment with an effective neuroprotective action, we believe there is potential to mitigate the late-stage progression of Parkinson's disease. We are pleased that this investment will allow us to move closer towards this goal. We anticipate the market will be primed for such a therapy as Parkinson's disease affects around four million worldwide, with the number of cases set to double by 2030."
Following the investment, Debora Dumont, Head of Health & Care at LRM will join the board of directors at Mind-NRG.
Nico Vandervelpen, Chief Operating Officer at LRM said: "We are delighted with this opportunity to invest in Mind-NRG. Given the positive investigations to date, we believe that NRG-101 has the potential to provide significant benefits and important new treatments for central nervous system diseases such as Parkinson's disease."
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At the Company:
Bertrand Damour, CEO
e: [email protected]