Crowd of big pharma investors come together to form Magnolia Neurosciences
Accelerator Life Science Partners and the University of Texas MD Anderson Cancer Center have announced the launch of Magnolia Neurosciences, a drug discovery and development company focused on creating a novel class of neurological therapies.
The company raised $31 million in a Series A funding, with big pharma investors including AbbVie (NYSE: ABBV), Eli Lilly & Co (NYSE: LLY), Johnson & Johnson (NYSE: JNJ) and Pfizer (NYSE: PFE). Several venture capital firms also made investments, including the Watson Fund, Innovate NY, ARCH venture partners and 180 degree capital.
Magnolia will seek to develop its innovative therapies based on research breakthroughs made by academics at MD Anderson, with a particular focus on the prevention of programmed cell death in patients with Alzheimer's disease and other neurological conditions.
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