Biotech company Myrobalan Therapeutics completed a $24 million series A financing round Wednesday.
The Medford, MA-based company, which develops neurorestorative therapies, said in a statement that the financing round was led by Co-win Ventures, with participation from new and existing investors, including Guan Zi Equity Investment (Li Shui) Partnership), 3E Bioventures Capital, and AB Magnitude Ventures Group.
Myrobalan has developed a portfolio of oral therapies to treat central nervous system disorders. The company’s approach focuses on anti-neuroinflammation and remyelination, the rebuilding of sheaths around axons in the central nervous system (CNS), with the aim of reversing damage and restoring function in high unmet need CNS diseases such as multiple sclerosis, Alzheimer’s disease, and amyotrophic lateral sclerosis.
“Our deep understanding of remyelination and neuroinflammation has broad application in high-unmet need CNS diseases,” Dr. Jing Wang, CEO and co-founder of Myrobalan Therapeutics, said in a statement. “Propelled by our foundational science, strategic chemistry partnership, compelling preclinical data, and strong investors, Myrobalan is in a unique position to advance its neurorestorative candidates into the clinic.”
Myrobalan is developing several orally available small-molecule neurorestorative therapies with different targets with the aim of addressing a broad range of neurological conditions.