US-based neuroprotective medicine developer Magnolia Neurosciences launched yesterday with $31m in series A funding from investors including pharmaceutical firms Eli Lilly, AbbVie, Pfizer, Johnson & Johnson and WuXi AppTec.

Alexandria Venture Investments, a subsidiary of real estate investment trust Alexandria Real Estate Equities, also took part, as did 180 Degree Capital, Arch Venture Partners, Innovate NY Fund, Watson Fund and Partnership Fund for New York City.

AbbVie, Pfizer, Johnson & Johnson and WuXi AppTec participated through respective subsidiaries AbbVie Ventures, Pfizer Ventures, Johnson & Johnson Innovation – JJDC and WuXi AppTec Corporate Venture Fund

Magnolia Neurosciences is developing treatments for neurodegenerative diseases and neuronal injury. The company’s approach relies on blocking specific components responsible for programmed cell death.

Programmed cell death is a natural part of embryonic development that ensures excess neurons are eliminated. However, the process can be reactivated by conditions such as Alzheimer’s disease, leading to brain function being impaired.

The technology is based on research in University of Texas MD Anderson Cancer Center’s Therapeutics Discovery division and the Neurodegeneration Consortium. It was co-founded by MD Anderson and life science investment firm Accelerator Life Science Partners.

Pfizer Ventures principal Laszlo Kiss said: “This investment in Magnolia Neurosciences exemplifies Pfizer’s commitment to funding neuroscience innovation and supporting cutting-edge translational neuroscience research.

“Our new focus on neuroscience investing is designed to support entrepreneurs who are deciphering the molecular basis of neurologic disorders, and we believe that Magnolia Neurosciences has the technology and scientific foundation on which to build an exciting portfolio of neuroprotective medicines.”

– The original version of this article appeared on our sister site, Global University Venturing.

Magnolia Neurosciences, a US-based neuroprotective medicines developer co-founded by University of Texas MD Anderson Cancer Center (MD Anderson), launched yesterday with $31m in series A funding.

The investors included AbbVie Ventures, Pfizer Ventures, Johnson & Johnson Innovation – JJDC and WuXi AppTec Corporate Venture Fund, respective investment units of pharmaceutical firms AbbVie, Pfizer, Johnson & Johnson and WuXi AppTec.

Pharmaceutical company Eli Lilly also participated in the round, as did Alexandria Venture Investments, a subsidiary of real estate investment trust Alexandria Real Estate Equities, and investment management firm 180 Degree Capital.

They were joined by venture capital firm Arch Venture Partners, VC funds Innovate NY Fund and Watson Fund, and Partnership Fund for New York City, the economic development arm of business organisation Partnership for New York City.

Magnolia Neurosciences will develop treatments for neurodegenerative diseases and neuronal injury. The company’s approach relies on blocking specific components responsible for programmed cell death.

Programmed cell death is a natural part of embryonic development that ensures excess neurons are eliminated. However, the process can be re-activated by conditions such as Alzheimer’s disease and impair brain function.

The company is based on research in MD Anderson’s Therapeutics Discovery division and the Neurodegeneration Consortium. It was co-founded by MD Anderson and life science investment firm Accelerator Life Science Partners.

Thong Le, chief executive officer at Magnolia Neurosciences and Accelerator Life Science Partners, said: “The potential market for neuroprotective therapies is large and underserved, and we believe that Magnolia Neurosciences has the technology, intellectual property and scientific expertise to become a leader in the field.

“In launching Magnolia Neurosciences, we are pleased to be a catalyst for innovation that could improve the care and outcomes for millions of patients.”