Progentos Therapeutics Receives $65 Million Funding to Advance Development of Myelin Regeneration Treatments for Multiple Sclerosis

Biotech company Progentos Therapeutics, based in Watertown, MA, recently announced the receipt of $65 million in funding through a series A financing round led by Forbion, a Dutch firm. Alta Partners, Mission BioCapital, Longwood Fund, and Dolby Family Ventures also joined.

Progentos will use the funding to advance its multiple sclerosis (MS) program through human proof of concept clinical studies and expand its small molecule pipeline to other degenerative conditions. The company is currently developing potential first-in-class small molecules designed to promote remyelination of neurons affected by MS and other demyelinating disorders.

In MS, the immune system attacks and destroys the myelin sheath that protects neurons and supports nerve cell communication. Demyelination leads to lesion formation in the brain and spinal cord, which ultimately results in episodes of new or worsening MS symptoms and disability as the disease progresses.

Currently available treatments for MS can reduce the number of attacks on the myelin sheath and slow disease progression, but they are unable to repair myelin that has already been damaged or restore loss of function in people living with MS.

“While there are many treatments that are highly effective at slowing the progression of disease, there is a significant unmet need for new approaches that can regenerate myelin and restore function for patients with MS,” Chris Loose, Ph.D., CEO of Progentos, said in a press release.

“I am thrilled with the support received from this group of investors and appreciate their recognition of the need to advance the current standard of care for the millions of individuals impacted by MS and other demyelinating diseases,” Loose added.

The investigational molecules work by prompting the differentiation of oligodendrocyte progenitor cells into mature oligodendrocytes, which are cells specialized to produce myelin. In animal studies, the investigational agents performed better than previous attempts in promoting oligodendrocyte differentiation.