Syndexa Pharmaceuticals Corp., a Watertown, MA-based biopharmaceutical company developing drugs to treat metabolic diseases, has raised additional Series B1 funding from MP Healthcare Venture Management (MPH).
This investment brings the total amount raised by the company in the Series B1 round, which was originally led by existing investor Dr. Yalcin Ayasli in April 2011, to $8.5m.
Syndexa intends to use the capital to progress the preclinical development of its Endoplasmic Reticulum (ER) modulating compounds towards development candidate selection, and to validate the therapeutic potential of its most promising compounds in various indications of ER dysfunction.
In conjunction with the financing, Tetsuro Iwata of MPH will join Syndexa’s Board of Directors as an observer.
Founded by scientists from Harvard University, and led by President and CEO Teo Uysal, Syndexa is dedicated to the discovery and development of a new generation of small-molecule drugs targeting novel mechanisms for the treatment and prevention of diseases of endoplasmic reticulum (ER) dysfunction which include inflammatory and metabolic diseases and disorders, cardiovascular diseases and neurodegenerative diseases. The company has raised $24.8m of equity capital to date.