MitoSense, which is developing new therapies for neurodegenerative diseases, has raised $3.5 million in seed funding led by Burlington, Mass.-based Caydan Capital Partners.
The Plymouth, Mass., startup is initially targeting Lou Gehrig’s disease — known medically as amyotrophic lateral sclerosis — but its Mitochondria Organelle Transplantation, or MOT, technology has potential to treat Alzheimer’s, Parkinson’s, Huntington’s, multiple sclerosis, and other neurodegenerative diseases.
Wider Potential
“This funding, complemented by our collaborations, propels us toward improving conditions for patients with ALS and other neurodegenerative diseases,” said MitoSense Chairman Van Hipp, a US Army veteran.
Hipp has served as chairman of the South Carolina Republican Party and was a member of the Presidential Electoral College in 1988. He is currently chairman of American Defense International, a consulting firm in Washington, D.C.
“MitoSense’s groundbreaking approach in mitochondrial health is pivotal,” said Rick Waldo, Caydan Capital’s managing partner. “We’re proud to support their mission to transform the landscape of neurodegenerative disease treatment.”
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MOT was conceived in 2012 by MitoSense’s chief scientific officer, Xian Peng Jiang, and the late Robert Elliott, a member of the 1963 team that performed the world’s first lung transplant, and a pioneer in the development of cancer immunotherapy. By introducing mitochondria into cancer cells, the procedure aims to restore mitochondrial function and inhibit cancer cell growth. Jiang, educated in both China and the United States, has previously researched breast cancer, cytokines, and vaccines for tumors.
Ex-Lockheed Exec at Helm
MitoSense is led by CEO Dr. Brent Segal, who previously oversaw commercial development of technologies at Lockheed Martin. At the defense giant, he also served as chief scientist and technology scout, and was involved in raising venture capital. Segal has a B.A. in Chemistry from Reed College, a Ph.D. in Chemistry from Harvard, and MIT Sloan Certification in Sustainable Business Strategies.
Multiple healthcare research organizations are collaborating with MitoSense in the venture. They include the Elliott Mitochondrial Research Center, James A. Haley Veterans’ Hospital, Walter Reed Army Institute of Research, Greenwood Genetic Center, Center for Advanced Medicinal Products, and Sweden’s Uppsala University.
