ProJenX, Inc., a NYC-based clinical-stage biotechnology company, announced the initial closing of a $15m Series A financing.
The round was led by Medical Excellence Capital, which also led the company’s seed financing round and created ProJenX in collaboration with Project ALS and researchers at Columbia University. In addition, ProJenX announced the appointment of Rick Hartz to its board of directors.
The company intends to use the funds to accelerate the continued development of its lead compound, prosetin, for the treatment of ALS.
Led by president and CEO Stan Abel, ProJenX is a clinical-stage biotechnology company developing novel, brain-penetrant, targeted therapies to address untreatable brain diseases, with an initial focus on ALS. It was created out of a long-term research collaboration between Project ALS and researchers at Columbia University to develop and commercialize its lead therapy candidate, prosetin, for people living with ALS. Its approach is based on a patient-specific, cell-based drug discovery platform that can be leveraged for research and drug development for ALS and other debilitating brain diseases.
Prosetin is a first-in-class, novel, selective, oral, brain-penetrant, mitogen-activated protein kinase kinase kinase kinase (MAP4K) inhibitor. MAP4Ks were discovered as critical regulators of neuronal survival in a patient-specific, cell-based discovery platform developed by ProJenX co-founders at Columbia University, and prosetin was optimized for potency against MAP4Ks, efficacy in motor neuron rescue, and preferential distribution to the CNS. Prosetin is an investigational new drug and has not been approved by the FDA.
FinSMEs
02/11/2023