January 15, 2004.
NewNeural LLC, an emerging biotechnology company that is developing products to treat diseases of and injuries to the central nervous system, today announced that it has closed on more than $600,000 in its initial round of seed funding, which exceeded the company's target for this stage of financing. NewNeural raised its current funding through a series of early-stage and accredited investors including its founders. The company intends to use the funds to demonstrate function of NewNeural cell therapy technologies in lower level animals, begin process development and product characterization initiatives and to make key additions to its scientific staff.
NewNeural is focused on the development of adult stem cell approaches for neuro-regeneration to treat diseases of and injuries to the central nervous system such as stroke, Parkinson's, spinal cord injury, ALS and retinitis pigmentosa. These conditions affect more than 11 million people in the United States, cost society more than $170 billion annually and are desperately seeking a solution. The company has exclusive rights to technologies covered by patent applications from the University of Illinois at Chicago. The technologies include the use of marrow-derived cells to replace damaged brain cells without immune suppression and without the use of embryonic or fetal tissue. Initial research has demonstrated that these marrow-derived cells have the ability to migrate throughout the brain and differentiate into neurons when implanted into rodents. The technologies also include a small molecule that has been shown to increase the proliferation of neural stem cells in animals.
"This will allow us to begin the important process development and product characterization work which is on the critical path," said Bob Gonzalez, CEO of NewNeural. "We are also very excited to advance our safety and efficacy data, as this will be critical in reducing the risk and uncertainty associated with early stage biotechnology companies."
NewNeural LLC. (NewNeural) is an emerging biotechnology company in the pre-clinical stage that intends to develop products based on adult stem cells to treat diseases of and injuries to the central nervous system such as stroke, ALS, Parkinson's and spinal cord injury. NewNeural believes it has a unique, protected, technology platform which includes a small molecule and a cell therapy approach that uses a patient's own easily accessible cells (bone marrow) to replace damaged brain cells without the need for immune suppression and without using embryonic or fetal tissue. For more information about NewNeural and its programs visit www.newneural.com.
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