Princeton, NJ, 28 November, 2023 ─ iQure Pharma Inc, (iQure) a trailblazing pre-clinical drug discovery company focusing on central nervous system (CNS) disorders, announce the successful second closing of its Series A financing round. This oversubscribed investment brings the company's total Series A capital to $1.8 million, a significant increase from the initial close of $1.2 million.
The second close of this round was spearheaded by Mass Medical Angels, a Boston-based investor group with deep expertise in early-stage life science and med-tech companies.
iQure's leading compound, iQ-007, is a neuromodulator targeting toxic levels of glutamate in the synaptic cleft. An elevated level of glutamate leads to neurotoxicity and ultimately to neural degeneration. iQ-007 operates by a Positive Allosteric Modulation of Excitatory Amino Acid Transporter 2 (EAAT2 PAM), which is responsible for up to 90% of glutamate uptake. The company’s pioneering glutamate clearance platform is expected to foster the development of new treatments for a wide range of neuro disorders, including epilepsy, stroke, neuropathic pain, Parkinson’s, Alzheimer’s, and Traumatic Brain Injury. These treatments are aimed at delivering effective solutions without the common side-effects associated with CNS therapeutics.
The Company is targeting clinical development of iQ-007 in 2024. This milestone will mark a significant step forward in the company's commitment to revolutionizing CNS healthcare.
Pawel Zolnierczyk, iQure CEO: “The oversubscription of our Series A round, led by experienced life science investors Mass Medical Angels, validates iQure Pharma’s innovative approach to glutamate clearance. We remain dedicated to our mission of improving lives of patients living with neurological conditions.”
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About iQure Pharma:
iQure Pharma, a global biotech firm headquartered in the US, is focused on the development of new therapeutics for CNS, including neuropathic pain, epilepsy and other neurodegenerative diseases. iQure researchers, clinicians, and pharmaceutical professionals work closely with academic partners, industry experts, and patient organizations to build medically and socially beneficial therapies based on a revolutionary glutamate-clearance platform for treating neurodegenerative conditions including neuro-inflammation.
About Mass Medical Angels:
Mass Medical Angels (MA2) is a seed stage investor group focused exclusively on life science and healthcare investments. Its mission is to bring more tools to clinicians while attaining superior returns for our investors. To do this, we provide financing and mentoring to early-stage life-science companies to help them obtain further funding, reach positive cash-flows, and get acquired. MA2 members are carefully vetted for deep experience in the health sciences and include both physicians and executives from successful startups and major life science companies. Teams of members conduct extensive diligence before advising the group on a prospective investment. MA2 invests in medical devices, therapeutics, diagnostics, health services, health information technologies, and relevant research-related tools including laboratory equipment.