Mitochon Pharmaceuticals Raises $1.6M for Clinical Stage Development of MP101

BLUE BELL, Pa.–(BUSINESS WIRE)–Mitochon
Pharmaceuticals today announced completion of its second year of
funding with a total investment of $1.6 million. The proceeds from the
financing will be used to advance Mitochon’s lead compound MP101, a
first in class mitochondrial targeted neuro-protective agent, into human
studies, as well as, further develop MP201 for IND filing. Investors
included Ben Franklin Technology Partners and Private Investors.
“We are pleased to close on this financing and continue our efforts in
developing neuro-protective compounds for insidious neurodegenerative
diseases with few treatment options, including: Huntington’s Disease,
Rett Syndrome, Multiple Sclerosis, Parkinson’s and Alzheimer’s Disease,”
said co-founders Robert Alonso, CEO and John Geisler, PhD., CSO.
“Mitochon had a remarkable 2015, with a series of successful
proof-of-concept studies, that have now paved the path for clinical
development.”
MP101 is a mitochondrial targeted, once a day, oral therapy that has
been shown to shield cells from damage caused by a host of degenerative
processes (genetic, auto-immune and injury). In preclinical studies,
MP101 has exhibited striking protective and functional benefits in
disease models. These include: brain volume sparing in Huntington’s
disease; axonal protection from demyelination in Multiple Sclerosis; and
motor improvement in Rett Syndrome and Parkinson’s disease. To
understand the critical step of translation, Mitochon will initiate
Phase I studies in normal healthy volunteers in 2016 and is expected to
be in Huntington’s patients in 2017.
About Mitochon Pharmaceuticals
Mitochon was founded in 2014 with the mission to develop treatments for
insidious diseases through the modulation of mitochondrial physiology,
with applications to neurodegeneration, neuromuscular, and developmental
diseases. Mitochon’s lead programs, MP101 and MP201, specifically
harnesses the power of the mitochondria to provide broad neural
protection. These compounds elicit mild increases in energy expenditure
that result in strengthening cellular survival – similar to the positive
effects seen with fasting and exercise. These compounds also induce an
important neurotrophin, Brain Derived Neurotrophic Factor (BDNF),
involved in cognition and neural growth. Mitochon is supported by Ben
Franklin Technology Partners Southeastern PA, an initiative of the
Pennsylvania Department of Community and Economic Development funded by
the Ben Franklin Technology Development Authority. Additional
Information: www.mitochonpharma.com