MedaRed Secures $6.5M Seed Funding to Advance Fibrin-Targeting Antibody Therapies for Neurodegenerative Diseases

On July 8, 2019, VCBeat (WeChat ID: vcbeat) learned that biotechnology company MedaRed announced the completion of a $6.5 million seed financing round. The round was led by Dementia Discovery Fund and Dolby Family Ventures, and the funds will be used to develop new drugs.

MedaRed is a biotechnology company based in San Francisco, California, co-founded by Dr. Katerina Akassoglou and her colleagues. Daniel Burgess serves as the Interim CEO of MedaRed. The company focuses on discovering and developing novel therapies targeting fibrin(ogen), with its initial R&D efforts centered on Alzheimer’s disease (AD) and multiple sclerosis (MS).

MedaRed’s core technology was invented by its co-founder, Dr. Akassoglou, who discovered molecules that reduce neuroinflammation and neuronal damage. Dr. Akassoglou is a senior investigator at the Gladstone Institutes and a professor of neurology at the University of California, San Francisco.

Dr. Akassoglou and colleagues discovered that fibrinogen, a blood coagulation factor associated with inflammation, damages neurons in neurological disorders such as Alzheimer’s disease (AD) and multiple sclerosis (MS). MedaRed intends to use the funds from this financing round to develop these molecules into therapeutic agents targeting fibrinogen for patients with unmet clinical needs.

“We are delighted to partner with MedaRed to launch new therapies for patients with dementia and neurodegenerative diseases. MedaRed’s innovative approach targeting neuroinflammation has the potential to deliver disruptive therapeutic options in this field,” said Dr. Angus Grant, CEO of DDF. “Building on a foundation of rigorous science, Dr. Akassoglou leverages her extensive experience and biological insights to uncover novel pathways that influence brain health. We believe that the treatments developed by MedaRed can improve patients’ lives.”

“Fibrin is central to various cardiovascular diseases and chronic inflammatory conditions. With support from the Dementia Discovery Fund and Dolby Family Ventures, MedaRed can develop new therapies for a range of vascular injury-related disorders, including Alzheimer’s disease,” said Dr. Jeffrey Stavenhagen, Chief Scientific Officer at MedaRed.

Dr. Jeffrey Stavenhagen leverages emerging technology platforms to develop novel biologics, bringing 20 years of scientific leadership experience from the United States and Europe. Prior to joining MedaRed, Dr. Stavenhagen served as Vice President of Biology at Therachon, where he oversaw preclinical research and CMC until the company was acquired by Pfizer for over $800 million. Before his tenure at Therachon, Dr. Stavenhagen held a senior executive position at Lundbeck (Denmark), leading their global biologics program for central nervous system disorders.

DDF, established in 2015 and headquartered in London, UK, is a specialized venture capital fund. DDF aims to discover and develop breakthrough therapies for dementia. Managed by SV Health Managers LLP, its team comprises a group of neuroscience experts and a Scientific Advisory Board.

Dolby Family Ventures was founded in 2014 and is headquartered in San Francisco, California, USA. Dolby Family Ventures is an early-stage venture capital firm dedicated to building outstanding technology companies and advancing scientific progress through innovative investments. The fund’s investment areas include biotechnology platforms and tools, diagnostics, and a range of novel therapeutic approaches for Alzheimer’s disease.

(Compiled by Cheng Tao)