Denali launches with $217m in its pocket

Denali Therapeutics, a US-based startup focused on developing treatments for neurodegenerative diseases, has launched with $217m in backing.

Arch Venture Partners, the venture fund spun out from Chicago University’s technology transfer unit, and Alaska Permanent Fund, an oil-money backed state investment fund, supported Denali’s initial investment – both of which were backers of Juno Therapeutics’ $176m series A when the company launched in late 2013. They were joined by Flagship Ventures and Fidelity Biosciences in participation. Additional unnamed investors from sovereign wealth funds, public mutual funds, and private family offices also joined the round.

Denali said in a statement that new scientific insights into the genetic causes and biological processes behind neurodegenerative diseases has given the company the opportunity to create and develop treatments for Alzheimer’s, Parkinson’s, ALS, and a number of other neurodegenerative diseases. Although the company has said it is drawing on a collaboration of ‘world-class’ scientists, along with industry leaders and investors, to achieve this, it is not known yet whether the company draws on any particular university’s intellectual property or has formed collaborations with any university to push forward its plans. However, Marc Tessier-Lavigne, president of Rockefeller University, is one of the co-founders, and also acts as chairman of Denali’s board.

Speaking on the company, Tessier-Lavigne said: “Neurodegenerative diseases are an enormous burden for patients and challenge for society. Recent advances in science create new opportunities for the discovery and development of breakthrough treatments for patients. The time is right and Denali has the right team and resources.”