Mitoconix Bio Raises $20M in Series A Funding

Mitoconix Bio Ltd., a Ness Ziona, Israel-based biopharmaceutical company focused on therapies for neurological diseases, secured a $20m round of Series A funding.

The round was led by Remiges Ventures with participation from OrbiMed, Dementia Discovery Fund, Arix Bioscience, RMGP Bio-Pharma investment Fund and others.

The proceeds will be used to advance Mitoconix Bio’s lead product for the treatment of Huntington’s disease through preclinical and clinical development and to expand its therapeutic pipeline to treat additional neurodegenerative disorders by improving mitochondrial function.

Led by Dr. Eyal Neria, CEO, Mitoconix Bio is advancing a disease-modifying strategy of improving mitochondrial functions for treating neurodegenerative diseases. Mitochondria are the energy-generating organelles within cells, and their proper function is critical for human health. Excessive mitochondrial fragmentation resulting in small and dysfunctional mitochondria is a central pathological process in human diseases and specifically neurodegeneration. Mitoconix Bio’s lead product MTC-1203, is a selective inhibitor of excessive mitochondrial division for treating Huntington’s disease and other neurodegenerative disorders. It has demonstrated efficacy in mouse models of Huntington’s and Parkinson’s diseases.

Established in August 2016 at the FutuRx incubator, Mitoconix Bio’s program is based on the scientific discoveries of its founder Daria Mochly-Rosen, The George D. Smith Professor in Translational Medicine at Stanford University, School of Medicine, and her team. The Stanford team has identified the molecular-based pathological interactions leading to excess mitochondrial fission and based on that identified pharmacological inhibitors of excess fission. Mitoconix exclusively licensed the technology from Stanford University.



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