" class="no-js "lang="en-US"> Nido Biosciences Raises $109M for Neurological Treatments
Friday, June 09, 2023

Nido Biosciences Emerges as Clinical Stage Company Raising $109 Million to Advance Treatments for Debilitating Neurological Diseases

Nido Biosciences, a clinical-stage company developing precision treatments for debilitating neurological diseases, emerged from stealth backed by an industry-leading investor syndicate and having raised a combined $109 million in Seed, Series A and B financings. Nido Bio was founded through the 4:59 Initiative at 5AM Ventures.

The Series A round was co-led by 5AM Ventures, Abingworth, and Bessemer Venture Partners with participation from Osage University Partners and Eli Lilly and Company. Bioluminescence Ventures led the Series B round with participation from additional new investors and the noted insiders. Nido Bio is leveraging advancements in the understanding of human genetics and disease to develop a sustainable pipeline of novel small-molecule medicines to improve the daily lives of patients suffering from neurological diseases. Across its programs, Nido Bio is addressing the fundamental biology of disease to restore healthy cell function.

“Nido Bio is dedicated to building upon the recent advancements in human genetics to shape a next-generation neuroscience company focused on bringing transformative therapies to patients in need,” said Jeremy Springhorn, Ph.D., CEO of Nido Bio. “While neurological diseases pose some of the most intricate healthcare challenges across the world, we are inspired to leverage our novel approaches to fundamentally improve patients’ lives.”

The company’s clinical stage candidate, NIDO-361, is in development for the treatment of patients suffering from Spinal and Bulbar Muscular Atrophy (SBMA). SBMA, also known as Kennedy’s disease, is a rare inherited X-linked neuromuscular disorder caused by a genetic mutation of the androgen receptor (AR) that results in the loss of skeletal muscle and motor neuron function. NIDO-361 is a novel small molecule that binds to a distinct site on the androgen receptor and corrects transcriptional dysregulation to restore healthy cell function. The company’s additional programs focus on a novel target that can simultaneously prevent cell death, reduce protein aggregates, and slow neuroinflammation, unlocking the potential for broad clinical application across neurodegenerative and peripheral inflammatory diseases. Nido Bio is also utilizing a functional genomics discovery platform based on human cell lines that leverages tailored screens to identify novel therapeutic targets for multiple neuromuscular and neurodegenerative diseases, beginning with amyotrophic lateral sclerosis (ALS) and frontotemporal disorders (FTD).

Nido Bio is led by experienced drug developers and biotech leaders, world-class scientific advisors, and a top tier investor syndicate. Dr. Springhorn has more than 30 years of experience leading the scientific, business, and strategic direction of biotech companies. Prior to joining Nido Bio as its Chief Executive Officer in April 2021, he held various senior positions at Syros Pharmaceuticals, Flagship Pioneering and Alexion Pharmaceuticals. The company recently welcomed Mike Clayman, M.D., as an independent Director and as Chairman of its Board of Directors. Dr. Clayman has nearly 35 years of experience in the life sciences industry and served as Co-founder, President, and Chief Executive Officer of Flexion Therapeutics after holding various leadership roles at Lilly.

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