GENEVA, Switzerland--(BUSINESS WIRE)-- Mind-NRG, the Swiss-based company focusing on developing neuregulins to treat neurodegenerative diseases, announces the close of its Series B financing raising 6 Million EUR (~8 Million USD). The financing was led by new investor LRM, a Belgian based investor specialising in Life Sciences, along with existing investor and leading venture capital firm Index Ventures.
Mind-NRG, created in 2010, is investigating the use of neuregulins in treating a variety of neurological and psychiatric disorders. The compounds are neurotrophic factors that have disease modifying potential and naturally cross the blood-brain barrier. In particular, Mind-NRG is developing NRG-101 to treat the early-stages of neurodegenerative diseases such as Parkinson’s disease and Alzheimer’s disease, as well as schizophrenia.
The Company plans to use the funding to elucidate the mechanism of NRG-101’s neuroprotective effect in Parkinson’s disease, with the aim of taking forward the compound to proof-of-concept studies in patients. To date, NRG-101 has been shown to target multiple mechanisms of neurodegenerative diseases, setting it apart from other neuroprotective compounds that inhibit single disease-related targets or pathways.
Commenting on the news, Michèle Ollier, Chairman of Mind-NRG and Partner at Index Ventures said: “By developing an early-stage treatment with an effective neuroprotective action, we believe there is potential to mitigate the late-stage progression of Parkinson’s disease. We are pleased that this investment will allow us to move closer towards this goal. We anticipate the market will be primed for such a therapy as Parkinson’s disease affects around four million worldwide, with the number of cases set to double by 2030.”
Following the investment, Debora Dumont, Head of Health & Care at LRM will join the board of directors at Mind-NRG.
Nico Vandervelpen, Chief Operating Officer at LRM said: “We are delighted with this opportunity to invest in Mind-NRG. Given the positive investigations to date, we believe that NRG-101 has the potential to provide significant benefits and important new treatments for central nervous system diseases such as Parkinson’s disease.”
Mind-NRG is devoted to the development of NRG-101 in psychiatric and neurologic diseases. NRG-101 is a neurotrophic factor with disease modifying potential that naturally crosses the blood-brain barrier through a receptor-mediated transport to reach its target in the brain. Currently at the pre-clinical stage, NRG-101 is being developed to treat disorders such as Parkinson's disease, Alzheimer's disease and schizophrenia. Based out of Switzerland, Mind-NRG is a private venture-backed company founded in 2010. Its investors include Index ventures and LRM. For further information see www.mind-nrg.com
About Index Ventures
Index Ventures is a leading global venture capital firm active in technology and biotechnology venture investing since 1996. In the life sciences field, Index invests in companies with disruptive platform technologies capable of growing into global leaders. It has also pioneered the “asset-centric” investment model, focused on investing in single assets with the potential to be first or best in class.
In March 2012, Index launched its first fund dedicated to life sciences. The $200 million fund includes investment from GlaxoSmithKline (GSK) and the venture capital affiliate of the Janssen pharmaceutical companies, part of Johnson & Johnson.
For further information see www.indexventures.com
LRM is an impact-driven investment company active in four areas: Technology & Services; Health & Care; Sustainable Societies and Space & Experience. Offering a unique combination of venture capital and infrastructure to a variety of sectors and different sized companies, LRM’s activities contribute to the economic development and general employment in the province of Limburg. In this way, the Company hopes to catalyse the transition towards an innovative and technological economy based around communities in local industry clusters.
For further information see www.lrm.be