Pharmaceuticals said Wednesday it has completed a private stock sale that raised $1.6 million.
Investors in the equity financing included Ben Franklin Technology Partners of Southeastern Pennsylvania.
The proceeds from the financing will be used by the Radnor-based company to advance the development of its lead compound MP101, a neuro-protective agent. The money will also allow Mitochon to further develop a second compound called MP201, being studied as a potential multiple sclerosis therapy.
Company co-founders Robert Alonso, who serves as CEO, and John Geisler, the chief scientific officer, said the neuro-protective compounds, designed to shield cells from damage, are being developed to target “insidious neurodegenerative diseases with few treatment options.”
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