- NEA led the round with significant participation from existing
and new investors
- Proceeds support advancing leading pre-clinical development
candidate BT-267, a best-in-class leucine-rich repeat kinase 2
(LRRK2) inhibitor, into human clinical trials for the treatment of
idiopathic and LRRK2-mutuated Parkinson's disease
- Additional assets targeting Parkinson's disease will also be
evaluated and potentially added to fuel the neurology-focused
pipeline
DOVER,
Del., July 23, 2024 /PRNewswire/ -- Brenig
Therapeutics Inc. (Brenig), a pioneering neurology-focused drug
development company utilizing an AI/ML-based discovery platform,
today announced the closing of a $65
million Series A financing. The financing was led by New
Enterprise Associates (NEA) with support from an additional
US-based healthcare investor as well as existing investors:
OrbiMed, Torrey Pines Investments and BioGeneration Ventures. In
connection with the financing, Ed
Mathers, Partner at NEA, will join the Board of
Directors.
"With the financing, we advance our goal of addressing the needs
of Parkinson's disease patients with our differentiated drugs,"
commented Iain Dukes MA DPhil, Chairman of Brenig.
"The Brenig team has made remarkable progress since inception,"
said Ed Mathers. "We believe their
approach could lead to best-in-class therapeutics for the treatment
of Parkinson's disease. NEA is thrilled to partner with Brenig
through its next phase of growth".
Brenig plans to use the proceeds from this financing to advance
BT-267 through healthy volunteer studies and into proof-of-concept
studies in idiopathic Parkinson's disease patients. In addition,
the company will explore advancing additional best-in-class
approaches for Parkinson's disease.
About BT-267
BT-267, a small molecule LRKK2 inhibitor, was designed to have a
best-in-class PK profile enabling high and sustained brain
exposure and minimal peripheral exposure, thereby ensuring superior
efficacy while minimizing on-target, off-tissue toxicity. The
molecule exhibits exquisite kinome selectivity, avoiding
off-target effects. A clean safety profile has been confirmed
through ongoing GLP studies.
About Brenig Therapeutics
Brenig is a small molecule drug development company that
utilizes an AI/ML approach via a partnership with Expert Systems
Inc., a drug accelerator that has spawned multiple best-in-class
clinical candidates across multiple therapeutic areas.
About NEA
New Enterprise Associates, Inc. (NEA) is a global venture
capital firm focused on helping entrepreneurs build
transformational businesses across multiple stages, sectors, and
geographies. Founded in 1977, NEA has over $25 billion in assets under management as of
December 31, 2023, and invests in
technology and healthcare companies at all stages in a company's
lifecycle, from seed stage through IPO. The firm's long track
record of investing includes more than 270 portfolio company IPOs
and more than 450 mergers and acquisitions. For more information,
please visit www.nea.com.
Media Contact:
Iain Dukes, PhD
Executive Chairman
dukesi@orbimed.com
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SOURCE Brenig Therapeutics