Nido Biosciences Raises $109 Million to Advance Treatments for Debilitating Neurological Diseases
May 15, 2023
Rare Daily Staff
Nido Biosciences, a clinical stage company developing precision medicines for debilitating neurological diseases, emerged from stealth with a combined $109 million in seed, series A, and series B financings.
The company was founded through the 4:59 Initiative at 5AM Ventures, which co-led the series A financing with 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 noted insiders.
Nido Bio is leveraging advances 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 advances in human genetics to shape a next generation neuroscience company focused on bringing transformative therapies to patients in need,” said Jeremy Springhorn, CEO of Nido Bio.
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 CEO Springhorn has more than 30 years of experience leading the scientific, business, and strategic direction of biotech companies. Prior to joining the company as CEO in April 2021, he held various senior positions at Syros Pharmaceuticals, Flagship Pioneering, and Alexion Pharmaceuticals. Mike Clayman, recently welcomed as independent director and as chairman of its Board of Directors, has nearly 35 years of experience in the life sciences industry and served as co-founder, president, and CEO of Flexion Therapeutics after holding various leadership roles at Lilly.
“Nido Bio was founded on the premise that human genetics and human tissue-based drug discovery efforts could not only inform but transform how we develop neurological drugs to treat patients suffering from devastating diseases,” said Jamil Beg, founding CEO of Nido Bio and partner at 5AM Ventures. “Since its founding, the company has rapidly identified novel biology, advanced a program into the clinic, and built a world-class team of biotech operators.”
Photo: Jeremy Springhorn, CEO of Nido Bio
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