Magnolia Neurosciences Corporation, a NYC-based company developing a new class of neuroprotective medicines, raised $31m in Series A funding.
Co-founded by Accelerator Life Science Partners, a life science investment and management firm, and The University of Texas MD Anderson Cancer Center (MD Anderson), the company will further develop discoveries made by scientists in MD Anderson’s Therapeutics Discovery division and the Neurodegeneration Consortium (NDC).
Investors participating in financing included AbbVie Ventures, Alexandria Venture Investments, ARCH Venture Partners, Eli Lilly and Company, Innovate NY Fund, Johnson & Johnson Innovation – JJDC, Inc., the Partnership Fund for New York City, Pfizer Ventures, Watson Fund, L.P., WuXi AppTec’s Corporate Venture Fund and 180 Degree Capital Corp.
Led by Thong Q. Le, chief executive officer, Magnolia Neurosciences Corporation and Accelerator Life Science Partners, Magnolia Neurosciences is a drug discovery and development company focused on the creation of a novel class of neuroprotective medicines. The company endeavors to make life-changing medicines for the benefit of patients and their families suffering from serious CNS diseases. Offices are located in the Alexandria Center for Life Science, New York City’s first and only premier life science campus.