Progentos Therapeutics launches with $65 million Series A financing

Massachusetts-USA-based biotech-Progentos Therapeutics has announced its launch and the closing of a $65 million Series A round of financing.

This funding will enable Progentos to advance its multiple sclerosis (MS) program through human proof of concept studies and expand its pipeline in additional degenerative diseases.

Progentos is developing first-in-class small molecules designed to induce remyelination of axons affected by MS. In MS, disability is caused by demyelination, damage to the myelin sheaths that support the function and survival of axons. The company’s proprietary molecules outperform previous approaches in differentiating oligodendrocyte progenitor cells (OPCs) to generate new oligodendrocytes and regenerate myelin in in vivo models.