Chondrial Therapeutics, Inc., a Bala Cynwyd, PA-based biotechnology company focused on the treatment of rare mitochondrial diseases, secured up to $22.6m in Series A financing.
The round was led by Deerfield Management.
Led by newly appointed president and CEO Carole Ben-Maimon, MD, Chondrial also announced the licensing of a novel investigational technology, CTI-1601, for the treatment of Friedreich’s Ataxia from Indiana University Research and Technology Corp. (IURTC) and Wake Forest University Health Sciences.
CTI-1601 was invented by R. Mark Payne, MD, professor of Pediatric Cardiology at Indiana University School of Medicine and director of the Translational Research Training Program of Indiana Clinical Translational Sciences Institute.
The company intends to use the funds to advance the development of CTI-1601 and to enhance its executive and management team. The clinical development of CTI-1601, as well as Chondrial’s ongoing research and development targeting rare mitochondrial diseases, will be conducted at the company’s newly established laboratory at the Science Center in Philadelphia. Chondrial expects to file an Investigational New Drug (IND) application for CTI-1601 with the U.S. Food and Drug Administration (FDA) and, upon acceptance of the IND by the FDA, initiate Phase 1 clinical trials of the compound.
Chondrial Therapeutics’ co-founders, Dr. Payne and Steven Plump, both of whom were part of the Indianapolis team that conducted proof of concept research on CTI-1601, will remain with Chondrial, with Dr. Payne retaining the positions of chief scientific officer and board member, and Steven Plump serving in an executive advisory capacity. Additionally, Thomas Hamilton, a member of the Board of Directors at the Friedreich’s Ataxia Research Alliance (FARA) and initial sole investor in Chondrial, has agreed to continue his role on Chondrial’s Board.
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