Rewind Therapeutics has raised further funding that has seen Sunstone Life Science Ventures joining as a new investor.
The funding round has seen participation of current investors Boehringer Ingelheim Venture Fund, M. Ventures, PMV, Gemma Frisius Fonds, and CD3/ KU Leuven.
As part of the investment, Sunstone Life Science Ventures general partner Claus Andersson will join board of directors of Rewind Therapeutics.
Financial details of the transaction have not been divulged.
Rewind Therapeutics plans to use the proceeds from the funding round to further its lead programme into clinical development and expand its pipeline of drug candidates intended to restore the remyelination function of the central nervous system (CNS).
In January 2018, the company completed a €15.2m Series A financing round that had seen participation of life science investors Boehringer Ingelheim Venture Fund, Merck Ventures and Participatiemaatschappij Vlaanderen (PMV), along with KU Leuven’s Centre for Drug Design and Discovery (CD3) and KU Leuven Gemma Frisius Fonds (GFF).
Forming a protective layer around neurons, myelin is necessary for the proper functioning of neurons. However, neurodegenerative disorders such as multiple sclerosis are related to a damaged, deteriorating myelin sheath, which causes a range of symptoms such as depression, anxiety, irritability, and even death because of breakdown in the important neurological functions.
Rewind Therapeutics CEO Anja Harmeier said: “We are delighted to welcome Sunstone Life Science Ventures as a new investor alongside the continued support by our existing investor syndicate. The additional financing not only strengthens our top-tier investor base, but also allows us to accelerate the progression of our lead program into clinical development. Moreover, we look forward to working with Claus Andersson as a new member of our Board of Directors.”
Andersson said: “Halting or even reverting demyelination is a challenging task. The data generated by Rewind Therapeutics so far supports a truly novel mechanism of action and will allow the Company to initiate clinical trials in key CNS indications.
“Moreover, Rewind has a strong patent estate and a team with long research and development expertise in the field of remyelination therapeutics. The combination of this extensive industry expertise and the high unmet medical need in neurogenerative disorders has convinced us to join forces with Rewind’s existing, internationally renowned investor syndicate.”
Demyelinating diseases such as multiple sclerosis impact millions of patients globally.
Rewind´s approach is based on making sure myelinating oligodendrocytes and oligodendrocyte precursor cells (OPCs) function properly given that both are drivers of the myelination process.