ProteKt Therapeutics, a Ness Ziona, Israel-based biotech company developing new PKR kinase inhibitor-based therapies for neurodegenerative diseases including Alzheimer’s Disease, raised $US 3.6m in equity financing.
The round was co-led by Fonds de solidarité FTQ and Bukwang Pharmaceutical with participation from existing investors FutuRx, OrbiMed, Johnson & Johnson Innovation – JJDC, Inc., Takeda Ventures, Inc. and RM Global Partners (RMGP) BioPharma Investment Fund.
The company intends to use the proceeds to select a lead drug candidate molecule and validate its neurotherapeutic effects in vivo and initiate the clinical development of a related diagnostic assay for patient selection and treatment personalization.
Led by Yotam Nisemblat, CEO, ProteKt Therapeutics is a drug development company aiming to develop potent and selective oral inhibitors of the kinase PKR for the treatment of neurodegenerative and neuroinflammatory diseases. The company was founded by Carmel, Haifa University Economic Corporation, and the Carmel Innovations Fund based on the research of Prof. Kobi Rosenblum of the Haifa University.
ProteKt Therapeutics joined the FutuRx accelerator in 2015, where it has discovered and developed a series of novel and selective molecules by applying unique computational methods and validating the inhibitors in clinically relevant assays.