NeuroPhage extends Series B to $21.4M
CAMBRIDGE, March 1, 2012 /PRNewswire/ — NeuroPhage Pharmaceuticals, Inc. (NeuroPhage), a privately held biotechnology company focused on a novel approach for disaggregating misfolded proteins for the treatment and prevention of neurodegenerative diseases, announced today that it has secured $9.0 million in Series B-1. Dr. Michael Grundman, an Alzheimer’s disease clinical expert, President and CEO of the consulting firm Global R& D Partners, LLC, has joined the NeuroPhage team to lead the clinical development of NPT002. The round was completed by existing investors, including Merieux Développement, Shire, and private investors. The Series B-1 financing brings the total amount of equity capital raised by NeuroPhage since its inception in 2006 to $28.6 million. The terms of the financing were not disclosed.
Dr. Richard Fisher, NeuroPhage’s CSO said: “The continued support of all of our investors enables us to fully exploit our recent breakthrough around the mechanism of action of NPT002.”
NeuroPhage is a biotechnology company focusing on a unique approach for treating diseases involving protein aggregation. NeuroPhage was founded in 2007 by a Cambridge-based team along with Professor Beka Solomon, Chair for Biotechnology of Neurodegenerative Diseases at Tel Aviv University.