Nitrome Biosciences, a privately held biopharmaceutical company developing a platform around a newly identified class of enzymes to target Parkinson’s disease and other age-related disorders, announced it has raised $38 million in Series A financing. The financing round was co-led by Sofinnova Partners and AbbVie Ventures, AbbVie’s corporate strategic venture capital arm, with further participation from the Dementia Discovery Fund, Mission Bay Capital and Alexandria Venture Investments. The financing is intended to support the advancement of Nitrome’s lead program targeting Parkinson’s Disease toward human clinical proof of concept studies. The funding will also be used to explore company’s platform technology in treating other age-related disorders.
“This financing will enable Nitrome to advance our mission of impacting the lives of patients with neurodegenerative and other age-related diseases,” said Dr. Irene Griswold-Prenner, Ph.D., Founder, CEO and CSO of Nitrome. “We are thrilled to have the support of this world-class group of life science investors led by Sofinnova Partners and AbbVie Ventures, who bring their invaluable strategic counsel and deep expertise to the Nitrome team.”
Nitrome Biosciences’s platform technology is aimed against a newly identified class of enzymes called Nitrases. The therapies that Nitrome is developing will target these enzymes and potentially help slow or halt the progression of diseases such as Parkinson’s.
Nitrome has been widely recognized, and has won multiple awards including the prestigious Target Advancement grant from The Michael J. Fox Foundation for Parkinson’s Research (MJFF). Nitrome was also awarded the 2018 AbbVie Golden Ticket, and allocated lab space at the San Francisco incubator MBC BioLabs. Nitrome subsequently won three additional Golden Tickets from MBC BioLabs’ partners.