MD Anderson Cancer Center and Accelerator Life Science Partners announced the launch of Magnolia Neurosciences Corp., a company developing a new class of neuroprotective medicines, with $31 million in Series A funding. The company will develop novel therapeutics based on discoveries made by researchers in MD Anderson’s Therapeutics Discovery division, including the Institute for Applied Cancer Science and the Neurodegeneration Consortium.
Magnolia Neurosciences will focus on neurodegenerative conditions, such as Alzheimer’s disease and chemotherapy-induced neuropathy in cancer patients.
More than 200,000 patients each year suffer from a condition known as “chemobrain,” characterized by general cognitive and memory problems, which can last for years. Additionally, roughly two-thirds of patients undergoing chemotherapy treatment develop peripheral neuropathy, in which nerve damage causes pain, numbness and tingling in the hands and feet.
Neurodegenerative diseases include a range of conditions characterized by progressive deterioration of neurons in the human brain. These conditions affect millions of Americans and are largely untreatable.
The NDC is a multi-institutional initiative launched to better understand the biology of neurodegenerative diseases and translate that knowledge into effective therapeutics interventions.
Established in 2012 by an inaugural $25 million gift from the Robert A. and Renee E. Belfer Family Foundation, the NDC brings researchers from Baylor College of Medicine, the Massachusetts Institute of Technology and the Icahn School of Medicine at Mount Sinai together with drug discovery and development experts from MD Anderson’s Therapeutics Discovery division.
Investors participating in the $31 Million Series A financing include AbbVie Ventures, Alexandria Venture Investments, ARCH Venture Partners, Eli Lilly and Company, Innovate NY Fund, Johnson & Johnson Innovation – JJDC, Inc., the Partnership Fund for New York City, Pfizer Ventures, Watson Fund, L.P., WuXi AppTec’s Corporate Venture Fund and 180 Degree Capital Corp.
