The Stevenage-based life sciences company, founded in 2018, focuses on therapeutic approaches that will restore mitochondrial function and slow or halt the progression of neurodegenerative diseases such as Parkinson’s disease, Alzheimer’s disease and motor neurone disease (MND).
NRG Therapeutics will use the funds raised to take its lead drug candidate, which has application not just to Parkinson’s but also to MND, through IND-enabling studies.
The round was led by Boston (US) based Omega Funds, a global leader in healthcare investing. Investors included Australian headquartered international life sciences venture capital fund, Brandon Capital. Existing investor, Parkinson’s UK, also participated.
As well as advising on this round of fundraising, Mills & Reeve has acted for NRG Therapeutics previously on its £500,000 investment from Parkinson’s UK in July last year.
Zickie Lim, partner, who led the Mills & Reeve team, said: “It’s fantastic to see NRG Therapeutics secure this vital funding which will help it bring its transformative therapeutic approaches a step closer to patients. Neurodegenerative diseases affect millions of people worldwide, and with aging populations continuing to rise, if left unchecked 30 years from now, it is estimated more than 115 million people could be afflicted. We’re proud to be able to play a small part in NRG Therapeutics’ important efforts in this field.”
NRG Therapeutics’ co-founder and CEO Dr Neil Miller, said: “Mills & Reeve have very much been a key part of our team, providing guidance and legal advice as we have navigated are financing and growth. It will enable us to apply our ground-breaking science in the field of mitochondrial biology to develop first-in-class treatments for Parkinson’s, MND (also known as ALS) and, potentially, other neurodegenerative disorders. We are in a leadership position in this field to develop first-in-class CNS-penetrant mPTP inhibitors.”
The Mills & Reeve team also included partner and head of life sciences James Fry, senior associate Carrie March, associate Natalie Selman and trainee solicitors Emma Clarke and Omar Nwoko.