Venture Capital Blog

Progentos Therapeutics Closes $65M Series A Financing

Progentos Therapeutics Closes $65M Series A FinancingProgentos Therapeutics announced that it has successfully raised $65 million in a Series A funding round. Progentos is a Boston-based startup with the mission of developing groundbreaking treatments for diseases that affect nerve cells, such as Multiple Sclerosis (MS) and other demyelinating diseases.

The round was led by Forbion, a well-known Dutch-based backer of life sciences startups, and supported by Alta Partners, Mission BioCapital, Longwood Fund, and Dolby Family Ventures.

Progentos says the money will be used to expand its pipeline and promote a potential treatment for MS through “proof of concept” testing.

Background on Progentos

Progentos bills itself as a company developing regenerative medicines for chronic diseases by stimulating the body’s own repair mechanisms. It sees an unmet need in the market for treating neurodegenerative diseases such as MS, which affects nearly 1 million people in the US alone.

The company was launched in 2024 by Chief Medical Officer Dr Dana Hilt and Sanjay Magavi, the co-founder and Chief Scientific Officer. Both have extensive experience in the industry, having worked at Frequency Therapeutics, where they were complicit in various remyelination programs.

Another member of the leadership team and co-founder, Chris Loose, PhD, is also the Chief Executive Officer of Progentos Therapeutics. He was also a co-founder of Frequency Therapeutics, where he served as Chief Scientific Officer.

The Progentos Therapeutics Approach

Diseases like MS destroy myelin, which is responsible for insulating and protecting axons in the brain. Without this insulation, nerves become unable to send signals through to the brain.

It acquired its drug from the previously mentioned Frequency Therapeutics, a spinout from the Massachusetts Institute of Technology (MIT).

Hence, patients experience a range of debilitating symptoms, such as the loss of cognitive and physical functions, that often progress over time.

Progentos is seeking to develop a novel, first-in-class small-molecule treatment to activate specialized cells that regenerate the myelin sheath, called oligodendrocytes.

According to Progentos CEO Chris Loose, “While there are many treatments that are highly effective at slowing the progression of disease, there is a significant unmet need for new approaches that can regenerate myelin and restore function for patients with MS.”

So, while conventional treatments merely slow down the rate at which patients degenerate, Progentos aims to stop progression altogether or reverse the effects of the disease.

Progentos claims that its researchers have already identified and validated a novel target that shows clear remyelination in pre-clinical studies. And, that in animal studies, their drug seems to “outperform previous approaches.”

About Forbion

Forbion is a venture capital firm and a prolific backer of biotech companies, with over 50 companies in its portfolio, including AAVantgarde Bio, Aiolos Bio, and Mariana Oncology. Previously, the company had raised $500 million to back later-stage growing biotech startups.

Topics: venture capital Development Medtech