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Forbion Capital Partners. (5/21/24). "Press Release: Forbion Leads $65 Million Series A Financing of Progentos Therapeutics". Naarden.

Organisations Organisation Forbion Capital Partners (NL)
  Group Forbion (Group)
  Organisation 2 Progentos Therapeutics (US)
  Group Progentos Therapeutics (Group)
Products Product MS DRUGS
  Product 2 venture capital
Person Person Hristodorov, Dmitrij (Forbion 202003– Principal before Bayer Pharma Global Business Development + Licensing)
     


> Forbion led the Series A financing to support the development of Progentos’ lead program in multiple sclerosis along with additional pipeline programs

> Progentos Therapeutics is developing novel small molecules to induce de-novo remyelination in patients suffering from multiple sclerosis and other demyelinating diseases.

> Dmitrij Hristodorov, PhD, General Partner, and Marc-Olivier Turgeon, PhD, Senior Associate, will join the Board of Directors


Forbion, a leading life sciences venture capital firm, announced today the $65 million Series A financing of Progentos Therapeutics (“Progentos”), a new biotech company focused on the treatment of degenerative diseases with a lead program in multiple sclerosis. Forbion led the financing and is joined by Alta Partners, Mission BioCapital, Longwood Fund, and Dolby Family Ventures. As part of the investment, Dmitrij Hristodorov, General Partner, and Marc-Olivier Turgeon, Senior Associate at Forbion, will join the Progentos Board of Directors.

The company aims to address the critical unmet need of functional restoration in various CNS diseases. Progentos’ lead program comprises a first-in-class small molecule that is designed to induce differentiation of oligodendrocytes and remyelination of axons affected by MS.

“We are truly excited to be part of Progentos’ journey towards delivering potentially disease-modifying drugs for diseases like multiple sclerosis - diseases with high unmet clinical needs. Chris and Sanjay are bringing a high level of technical expertise, entrepreneurship, and leadership and we are honored to support them in this endeavor” said Dmitrij Hristodorov.

Marc-Olivier Turgeon, added, “In addition to the stellar team, the strength of science behind Progentos’ molecules has convinced us to support the company. The current financing round will allow the company to reach significant value inflection points, including clinical data.”

The Company will be led by its founders, Chief Executive Officer Chris Loose, Ph.D, and Chief Scientific Officer Sanjay Magavi, Ph.D. “I am grateful for the support of Forbion who helped us bringing together an outstanding group of investors into the syndicate,” said Chris Loose, CEO of Progentos.


**ENDS**


About Progentos Therapeutics

Progentos is developing first-in-class compounds to induce endogenous oligodendrocyte progenitor cells to remyelinate axons in patients suffering from MS and other demyelinating diseases. Combining expertise in chemistry, biology and in vivo models, Progentos discovers and develops novel small-molecule drugs to regenerate healthy tissues in patients with degenerative diseases. Founded by Chris Loose and Sanjay Magavi, the Company will have operations in Watertown, MA, USA and Naarden, The Netherlands.


About Forbion

Forbion is a dedicated life sciences venture capital firm with offices in The Netherlands, Boston and Germany. Forbion invests in life sciences companies that are active in the (bio-) pharmaceutical space. Forbion manages €3 billion across multiple fund strategies that cover all stages of (bio-) pharmaceutical drug development. Forbion’s current team consists of over 30 life sciences investment professionals that have built an impressive performance track record since the late nineties with investments in over 95 companies across 8 funds. Forbion’s record of sourcing, building and guiding life sciences companies has resulted in many approved breakthrough therapies and valuable exits. Portfolio company successes include NewAmsterdam Pharma (NASDAQ: NAMS), enGene (Nasdaq: ENGN) and Aiolos Bio (acquired by GSK). Besides financial objectives, Forbion selects investments that will positively affect the health and well-being of patients. The firm is a signatory to the United Nations Principles for Responsible Investment. Forbion operates a joint venture with BGV, the manager of seed and early-stage funds, especially focused on Benelux and Germany.

For more information, please visit: www.forbion.com or contact

Forbion Communications
Email: laura.asbjornsen@forbion.com
Head of Communications

   
Record changed: 2024-06-05

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