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Pharma Tech Outlook | Monday, April 27, 2020
The financing is aimed to back the advancement of Nitrome's key program targeting Parkinson's Disease toward human clinical proof of concept studies and to explore the application of the company's platform technology in other age-related disorders
Fremont, CA: Nitrome Biosciences (Nitrome), a privately-held biopharmaceutical company developing a platform around a newly identified class of enzymes to fight Parkinson's disease and other age-related disorders, raised $38 million in Series A round of financing. The funding round was co-led by Sofinnova Partners, a leading European life sciences venture capital firm, and AbbVie Ventures, AbbVie's corporate strategic venture capital arm, with further participation from the Dementia Discovery Fund, Mission Bay Capital, and Alexandria Venture Investments. In conjunction with the funding round, Henrijette Richter, Ph.D., Managing Partner of Sofinnova Partners, Margarita Chavez, Managing Director of AbbVie Ventures, and Jonathan Behr, Ph.D., Partner of the Dementia Discovery Fund, will join Nitrome's Board of Directors, soon.
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[vendor_logo_first]The financing is aimed to back the advancement of Nitrome's key program targeting Parkinson's Disease toward human clinical proof of concept studies and to explore the application of the company's platform technology in other age-related disorders.
"This financing will enable Nitrome to advance our mission of impacting the lives of patients with neurodegenerative and other age-related diseases," said Dr. Irene Griswold-Prenner, Ph.D., Founder, CEO and CSO of Nitrome. "We are thrilled to have the support of this world-class group of life science investors led by Sofinnova Partners and AbbVie Ventures, who bring their invaluable strategic counsel and deep expertise to the Nitrome team."
"Nitrome's breakthrough science is paving the way for novel, disease-modifying therapies," said Sofinnova Partners' Dr. Richter. "Dr. Griswold-Prenner is a serial entrepreneur who has extensive experience in drug discovery and development. Nitrome's team is made up of highly-respected neuroscientists accomplished in drug discovery. The company is well-positioned to potentially transform the lives of Parkinson's patients and others who suffer from age-related diseases."
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