Biotech firm receives $24M to develop neurorestorative therapies
Click Here to Manage Email Alerts
A Boston-area biotech company has received $24 million in Series A funding to develop neurorestorative and remyelinating therapies for a broad range of neurological conditions.
According to a release from Myrobalan Therapeutics, the financing, which comes from various investors, will be applied to advancing an antagonist to G-protein coupled receptor 17; a central target to promote remyelination; an inhibitor to colony-stimulating factor-1 receptor involved in both demyelination and neuroinflammation; and an allosteric tyrosine kinase 2 (TYK2) inhibitor that reduces neuroinflammation.
The goal in development of highly selective, brain-penetrant, orally available compounds is to combat currently untreatable disease mechanisms linked to multiple sclerosis, Alzheimer’s disease, amyotrophic lateral sclerosis and other rare neurological conditions, the company said.
“Our deep understanding of remyelination and neuroinflammation has broad application in high-unmet need [central nervous system] diseases,” Myrobalan Therapeutics CEO and co-founder Jing Wang, PhD, said in the release.