Company founded by two Marquette University researchers raises $26 million in funding
The investment will finance key clinical trials of the company’s most promising compound targeting neuropsychiatric disorders.
MILWAUKEE — Promentis Pharmaceuticals, a Milwaukee company co-founded by Drs. John Mantsch and David Baker, researchers from the Marquette University College of Health Sciences, raised $26 million, including $17.2 million in its third funding round.
OrbiMed, F-Prime Capital Partners (formerly Fidelity Biosciences) and Aisling Capital were the lead investors. This is exceptional syndicate of investors, particularly for an investment in a Midwestern biopharmaceutical company.
The investment will finance key clinical trials of Promentis’ most promising compound targeting neuropsychiatric disorders.
“This unique compound is one of the first attempts to treat central nervous system disorders by targeting glutamate release by astrocytes,” Baker said. “This is groundbreaking because glutamate is one of the most powerful regulators of brain function, and astrocytes are the most abundant cell in the brain.”
By targeting glutamate release by the most abundant cell in the brain, their approach may be effective against a wide range of CNS disorders.
This is also an important example of the return on investment in government-funded research at the university level – Baker and Mantsch have been funded by the NIH for more than 15 years.
NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. While it is believed to be reliable, Urban Milwaukee does not guarantee its accuracy or completeness.
Mentioned in This Press Release
Recent Press Releases by Marquette University
New Marquette Law School Poll national survey finds approval of U.S. Supreme Court edges upward, but 55% disapprove of the Court’s work
Oct 17th, 2024 by Marquette UniversityLarge majorities of both Republicans and Democrats favor strict ethics code, fixed terms for justices; majority of those polled say justices decide cases based more on politics than law
New Marquette Law School Poll national survey finds presidential race extremely tight, enthusiasm for voting high among both Democrats and Republicans but low among independents
Oct 16th, 2024 by Marquette UniversityPlease note: Complete Poll results and methodology information can be found online at law.marquette.edu/poll
