PROVIDENCE – MindImmune Therapeutics, a company developing innovative treatments for Alzheimer's and other neurodegenerative diseases, announced this week that it has raised $30 million in extended Series A funding and appointed Isaac Stoner as CEO.
The life sciences company, which launched at the University of Rhode Island in 2016, targets neuroinflammation as a cause for these diseases. The MindImmune team has developed a monoclonal antibody, MITI-101, intended to prevent peripheral immune cells associated with inflammation that could cause Alzheimer's from entering the brain.
Dolby Family Ventures led the financing round, with Pfizer Ventures, Gates Frontier, Slater Technology Fund, RightHill Ventures, the Foundation for a Better world and others contributing.
Stoner is a Rhode Island native with 18 years of experience in life sciences entrepreneurship. Founding CEO Stevin Zorn will step into the chief scientific officer role.
Reetika Bhardwaj, principal at Dolby Family Ventures, and Stoner will also join MindImmune's board of directors.
Stoner most recently served as entrepreneur-in-residence at the Slater Technology Fund, and in an advisor and limited partner role at KdT Ventures. He previously co-founded and led Octagon Therapeutics as CEO and worked across a variety of health and technology companies earlier in his career. Stoner holds a bachelor's degree in biomedical engineering from Brown University and an MBA from MIT Sloan School of Management.
“Dr. Zorn and his co-founders have made a fundamental discovery that will change how we think about neurodegenerative diseases," Stoner said in a statement. "MindImmune’s therapeutic programs have the potential to dramatically benefit Alzheimer’s patients by targeting the underlying inflammatory processes that damage synapses and blood vessels in the brain."
Bhardwaj said that California-based Dolby Family Ventures has "been deeply impressed by the progress MindImmune has made since our initial investment, and we believe that Isaac is well positioned to lead MindImmune as the company grows.
“The company’s novel approach to modulating neuroinflammation has the potential to change the treatment paradigm for Alzheimer’s and other neurodegenerative diseases," Bhardwaj continued.
In September, the R.I. Life Science Hub announced MindImmune as one of the first five tenants slated to operate out of Ocean State Labs, the state's first lab space designed to support life science startups. The approximately 30,000-square-foot space, located in Providence's 195 District, is set to open early next year.
Jacquelyn Voghel is a PBN staff writer. You may reach her at Voghel@PBN.com.
