ArmaGen Technologies, Inc. today announced the closing of a $17 million Series A financing to support the development of brain-penetrating recombinant protein therapeutics. The lead investor is Boehringer Ingelheim Venture Fund, joined by Shire plc, Takeda Ventures, Inc., and Mitsui & Co. Global Investment, Inc. This funding will allow for expansion of existing operations, and the clinical development of potentially first-in-class biopharmaceuticals targeting diseases of the central nervous system (CNS), which are engineered to penetrate the blood-brain barrier (BBB).
"The ArmaGen investor syndicate is a unique group of Big Pharmas each with their own global impact. This is the first time such a diverse group from the pharmaceutical industry has come together to finance technology in the blood-brain barrier. I am very delighted at the trust our investors have placed in us," said William M. Pardridge, MD, Founder and Chief Scientific Officer of ArmaGen.
The ArmaGen molecular Trojan horse technology has the potential to re-engineer recombinant proteins for BBB penetration for the treatment of diseases of the brain and spinal cord. The long-term mission at ArmaGen is the development of BBB-penetrating biopharmaceuticals for diseases of the CNS that affect over 250 million people world-wide. Initially, the company will focus on orphan diseases of the CNS with lead biopharmaceuticals for Mucopolysaccharidosis (MPS) Type I, or Hurler's syndrome and MPS Type II, or Hunter's disease.
Joining Dr. Pardridge on the ArmaGen Board of Directors are Stuart Swiedler, MD, PhD, Martin Heidecker PhD (Boehringer Ingelheim Venture Fund), and Arthur Tzianabos, PhD (Shire).
"I believe that ArmaGen has an ideal technology to help develop brain-penetrating recombinant proteins for the treatment of a broad range of rare diseases that affect the brain but also the periphery. If this works, doctors will have the potential to treat their patients with only one drug. This would be really a breakthrough for their patients," Stu Swiedler commented.
"I am very excited to work with such an experienced team on orphan diseases, but what makes me really excited about the technology is the potential of broad application in neurodegenerative and other indications that affect the brain," said Dr. Martin Heidecker of lead investor Boehringer Ingelheim Venture Fund.
ArmaGen Technologies, Inc.