CPE News (4.19.2024) – Neurenati Therapeutics has raised $1.7 million in additional seed funding including Quebec Government’s investment of $1.38 million via its Impulsion PME program, for which Investissement Québec acts as agent, and investments from private investors, bringing the total seed funding to $2.9 million.
In February 2024, Neurenati Therapeutics announced the closing of $1.2 million in seed funding from Genson Capital.
Founded by Rodolphe Soret, PhD, and CSO Nicolas Pilon, PhD, and led by CEO Maxime Ranger, PhD, Montréal based Neurenati Therapeutics is a biotech company dedicated to developing therapies for rare diseases. The first technology targets Hirschsprung disease (HSCR), a life-threatening gastrointestinal (GI) birth defect characterized by the lack of nerves in parts of the lower GI tract.
New funding will be used to effectively advance its NEU-001 toward clinical trials. NEU-001 is a proposed first-in-class therapy to treat Hirschsprung’s disease, a rare gastrointestinal disease affecting approximately 1,300 newborns in North America each year.
photo credit: Neurenati Therapeutics
News Release
Neurenati Therapeutics Concludes a Second Seed Financing of 1.7 Million $ With the Support of Impulsion PME
April 18, 2024 08:00 AM Eastern Daylight Time
MONTREAL–(BUSINESS WIRE)–Neurenati Therapeutics is delighted to announce the Quebec Government’s investment of $1.38 million via its Impulsion PME program, for which Investissement Québec acts as agent. With the addition of angel investors, this brings the total funding to $2.9 million needed for Neurenati to effectively advance NEU-001 toward clinical trials. NEU-001 is a proposed first-in-class therapy to treat Hirschsprung’s disease, a rare gastrointestinal disease affecting approximately 1,300 newborns in North America each year.
“The financial support from Impulsion PME will first allow the development of an optimal formulation for this curative treatment and to move quickly towards clinical trials,” says Maxime Ranger, President and CEO of Neurenati.
“We must continue to support our companies in the life sciences sector. By encouraging young innovative companies, like Neurenati, we promote the emergence of new treatments, and this makes a real difference in the lives of the Quebec population,” says Pierre Fitzgibbon, Minister of Economy, Innovation and Energy, Minister responsible for Regional Economic Development, and Minister responsible for the Metropolis and the Montreal Region, Quebec Government.
“Investissement Québec is proud to support innovative companies which, like Neurenati Therapeutics, work to develop solutions to improve the lives and health of children and their parents. Thanks to Impulsion PME, we have an additional tool to contribute to the emergence and growth of promising young local actors in the life science ecosystem,” adds Bicha Ngo, CEO of Investissement Québec (IQ).
Neurenati still targets the end of 2025 to file a clinical trial application in Canada and the United States. Moreover, the Company is always looking for other technologies in the field of rare diseases, especially in pediatrics.
Neurenati gratefully thanks CQDM for its support as entité de référence et d’accompagnement during the due diligence process with IQ.
ABOUT NEURENATI
Neurenati Therapeutics is a Québec-based biotech company dedicated to developing therapies for rare diseases. The first technology targets Hirschsprung disease (HSCR), a life-threatening gastrointestinal (GI) birth defect characterized by the lack of nerves in parts of the lower GI tract. Neurenati proposes an innovative therapy via growth factor to treat newborns with HSCR, thereby averting the need for surgery and its associated complications.
ABOUT INVESTISSEMENT QUÉBEC
Investissement Québec’s mission is to actively participate in the economic development of Quebec by stimulating innovation in businesses, entrepreneurship and takeover as well as the growth of investment and exports. Active in all administrative regions of Quebec, the Company supports the creation and development of businesses of all sizes through investments and adapted financial solutions. Investissement Québec also supports businesses through advisory services and other support measures, notably through the Impulsion PME program, an initiative of the Government of Quebec (MEIE).
ABOUT CQDM
CQDM is a not-for-profit biopharmaceutical research consortium whose mission is to support and facilitate multi-stakeholder collaborative R&D aimed at accelerating the translation of innovative technologies by the biopharma industry into solutions that address unmet medical needs, while generating significant benefits for the Quebec and Canadian economy.
Contacts
MEDIA CONTACT
Maxime Ranger, PhD MBA
President and CEO
Neurenati Therapeutics Inc
E: maxime@neurenati.com
T: +1.514.825.9035