A drug discovery company spun-out from the University of Edinburgh to treat the effects of multiple sclerosis (MS) has raised £5 million in series A funding.
Pheno Therapeutics, which will build on research conducted by professors Neil Carragher and Siddharthan Chandran, has secured the cash from London-based venture capital firm Advent Life Sciences, medical research charity LifeArc and the Scottish Investment Bank. The money will be pumped into the business over the next three years.
MS occurs when the body’s immune system attacks a protective layer surrounding nerve cells called the “myelin sheath”, slowing or disrupting the electrical signals travelling along the nerves, and targets parts of the nervous system, including the brain and spinal cord. The disease affects more than 100,000 people in the UK and 2.5 million worldwide.
Pheno aims to develop therapies for MS by finding molecules that cause the body to repair or replace the myelin sheath. It hopes such treatments will slow down or stop the effects of MS, which include problems with movement, vision, sensation and balance.
David Holbrook, head of LifeArc’s seed fund, said: “In the founders of Pheno Therapeutics and their research to induce myelin repair, we saw an appealing opportunity, particularly given the existing clinical needs in progressive MS. We are delighted to have reached an agreement to support Pheno Therapeutics translate its discoveries.”
