NRG Therapeutics has closed its oversubscribed £50m Series B round, which included an £8m investment from British Business Bank.
NRG Therapeutics is developing novel treatments for severe neurodegenerative conditions, including amyotrophic lateral sclerosis (ALS), motor neurone disease (MND) and Parkinson’s.
The Stevenage-based business is currently preparing to move into clinical trials following strong pre-clinical data, too.
The funding round was led by SV Health Investors’ Dementia Discovery Fund (DDF), with participation from M Ventures, Novartis Venture Fund and Criteria Bio Ventures, plus existing investors Omega Funds and Brandon Capital.
The financing will enable NRG Therapeutics to achieve clinical proof of concept (PoC) in ALS/MND and generate vital clinical data in Parkinson’s patients.
“Developing new drugs to treat neurological diseases is very challenging, but is receiving increased interest given the high unmet medical need and growing prevalence in aging populations,” says Neil Miller, co-founder and CEO at NRG Therapeutics.
“These new funds provide the runway to advance our lead programme through PoC in ALS/MND and to develop our portfolio of small molecule candidate drugs for other indications including Parkinson’s, offering new hope to the growing number of people and their families impacted by neurodegenerative disorders.”
Parkinson’s is one of the fastest growing neurodegenerative conditions, with global cases predicted to double by 2050. There is currently no treatment available to slow or halt progression of Parkinson’s, with existing medicines only providing temporary symptomatic relief.
ALS/MND is a rare, rapidly progressing neurodegenerative disease with high unmet medical need.
“Like many of our life sciences investments, our investment in NRG Therapeutics is especially rewarding because it has the potential to help find a solution to one of the world’s largest healthcare challenges,” says Leandros Kalisperas, chief investment officer at British Business Bank.
“We look forward to supporting NRG Therapeutics as they continue to take their valuable research forward through trials.”