Neuromagen Pharma Ltd. has
raised several million dollars in a seed round to develop a new class of small
molecules for the treatment of Amyotrophic Lateral Sclerosis (ALS), also known
as Lou Gehrig’s Disease, and other neurodegenerative diseases.
The company was incubated at the Ben-Gurion University of the Negev (BGU) Oazis
accelerator and venture builder based on research conducted by BGU Professor
Esther Priel, head of the Laboratory for Nucleic Acids Topology, at the Faculty
of Health Sciences, and her team. Neuromagen secured the seed round funding
from two Beer-Sheva, Israel private investors.
The family of novel small molecules developed by Professor Priel activates the
transcription of a major surviving enzyme called telomerase reverse
transcriptase, which results in the protection and rehabilitation of neuronal
cells. When tested in ALS animal models, Neuromagen’s drug candidates
demonstrated delayed onset as well as a delayed progression of the disease and
increased survival of the neurons by 60%.
“We are excited to secure this substantial funding which will enable us to
jumpstart the company and initiate the preclinical work towards developing our
promising drug candidates,” said Dr. Gil Ben-Menachem, founder, and chief
executive officer of Neuromagen. “Currently there are no drugs available to
treat ALS, so our drug candidate presents a new treatment paradigm and could be
both first and best-in-class.”
Oazis CEO Julia Sagalin Nemets says, “I am happy to see yet another Oazis
company emerge from our incubator and secure funding. We are also very proud
that the technology, the investors, as well as the company’s headquarters, are
based in Beer-Sheva, Israel.”
Media Coverage:
The Times of Israel
i24 News
Israel21C
