NRG Therapeutics has raised Series A funds worth $18.3m (£16m) to progress the development of mitochondrial therapeutics to treat neurodegenerative ailments such as Parkinson’s disease and amyotrophic lateral sclerosis (ALS).

Led by Omega Funds, the financing round saw participation from new investor Brandon Capital and founding investor, The Parkinson’s Virtual Biotech. 

NRG leverages breakthrough science in the mitochondrial biology field to create disease-altering therapies to slow down or stop the progression of diseases such as Parkinson’s and ALS. 

The funding proceeds will be used to progress the potential brain-penetrant small molecules of the company to studies that will facilitate the submission of an investigational new drug (IND) application.

The pre-clinical pipeline of NRG comprises small molecule assets that use a new mechanism of action to hinder the mitochondrial permeability transition pore (mPTP). 

According to data from vitro studies, the investigational new drugs of the company have been shown to protect mitochondria and enhance human cell viability. This could possibly stop or substantially slow down disease progression in Parkinson’s or ALS patients. 

Omega Funds managing director Claudio Nessi and partner Francesco Draetta, as well as Brandon Capital partner Jonathan Tobin, have joined the board of directors of NRG as part of the funding.

NRG Therapeutics co-founder and CEO Dr Neil Miller said: “We are excited to welcome Omega Funds and Brandon Capital as new investors and thank The Parkinson’s Virtual Biotech for its continued support. 

“We look forward to working with them and our expanding team and R&D partners to bring new medicines and hope to the growing number of people worldwide living with debilitating neurodegenerative disorders.”

In May, the company obtained a $3.4m (£2.68m) award to fund the pre-clinical development of its new small molecule disease-modifying therapies for Parkinson’s, motor neuron disease and various other chronic neurodegenerative ailments.