Nido Biosciences raises $109m in funding for neurological diseases treatments
US-based clinical-stage company Nido Biosciences has announced that is has received $109m in Seed, Series A and Series B financings, lead by an industry-leading investor syndicate.
Nido is developing a pipeline of novel small molecule medicines to improve the lives of neurological disease patients, looking at the fundamental biology of disease to restore healthy cell function, such as NIDO-361.
NIDO-361 is a small molecule that binds to a site on the androgen receptor (AR) and corrects transcriptional dysregulation, restoring healthy cell function. It is in development as a treatment for spinal and bulbar muscular atrophy (SMBA) patients, where a genetic mutation of the AR results in the loss of skeletal muscle and motor neutron function.
Another programme is looking as a target which prevents cell death, reduces protein aggregates and slows neuroinflammation simultaneously. Nido is also utilising a functional genomics platform based on human cell lines which leverage tailored screens to identify novel therapeutic targets for multiple neuromuscular and neurodegenerative diseases.
Jeremy Springhorn PhD, CEO of Nido Bio, commented: “Nido Bio is dedicated to building upon the recent advancements in human genetics to shape a next generation neuroscience company focused on bringing transformative therapies to patients in need. While neurological diseases pose some of the most intricate healthcare challenges across the world, we are inspired to leverage our novel approaches to fundamentally improve patients’ lives.”
Jamil M Beg MBA, MSE, founding CEO of Nido Bio and partner at 5AM Ventures, said: “Nido Bio was founded on the premise that human genetics and human tissue-based drug discovery efforts could not only inform but transform how we develop neurological drugs to treat patients suffering from devastating diseases. Since its founding, the company has rapidly identified novel biology, advanced a programme into the clinic, and built a world-class team of biotech operators.”
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