PROVIDENCE – The Slater Technology fund has committed $250,000 in seed funding toward the launch of Mnemosyne Pharmaceuticals Inc., the quasi-public venture capital firm announced Monday.
Providence-based start-up Mnemosyne is currently focused on researching and developing therapeutic drugs for the treatment of cognitive and neuropsychiatric disorders such as schizophrenia.
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“Mnemosyne represents a venture with great expectations. Our goal is to build a world-class drug discovery organization, drawing upon distinct competencies in basic and clinical neuroscience here in our community,” said Richard G. Horan, senior managing director at the Slater Technology Fund.
Mnemosyne’s founding team is comprised of scientists from the pharmaceutical and biotech industries. Kollol Pal, who helped found two Cambridge, Mass.-based drug discovery ventures, will serve as the CEO. Joining Pal is Frank Menniti as chief scientific officer and Bert Chenard as executive vice president of research.
“The Slater Fund has proven a critical, catalytic resource in support of our efforts to launch a new venture,” said Pal. “We are excited to be a part of the knowledge-based economy which has become central to Rhode Island’s economic development strategy, and we look forward to capitalizing upon the opportunities it presents.”
The funding from Slater will support initial patent filings, corporate development, and the creation of an advisory board for the drug discovery company, according to Slater. Already expected to join Mnemosyne’s advisory board is Peter Snyder, professor of neurology at the Warren Alpert Medical School of Brown University and vice president for research at Lifespan.
Additional information is available at slaterfund.com.
