Cambridge Innovation Capital (CIC), the venture capital investor focused on deeptech and life science businesses in the Cambridge ecosystem, is pleased to announce its participation in the financing raised by Pretzel Therapeutics, to support development of novel therapeutics designed to address currently untreatable conditions.
The Boston, Massachusetts (US)-based start-up is on a mission to develop ground-breaking therapies to reverse mitochondrial dysfunction leveraging a deep mechanistic understanding of mitochondrial biology.
Mitochondria are essential energy-converting cellular organelles found in nearly every cell type throughout the body. Dysfunctional mitochondria are involved in more than 50 diseases. The most severe of these are broadly termed mitochondrial diseases, a group of rare genetic conditions which affect individuals of all ages. Mitochondrial dysfunction also plays an important role in more common diseases, including aging-related disorders. Pretzel is developing first-in-class therapeutics that can address mitochondrial dysfunction at its roots.
Proceeds from the financing will be used to progress development of novel therapeutics for select mitochondrial and neurodegenerative diseases, and to continue exploring the potential of other similar therapeutics in oncology, metabolic, and common mitochondrial diseases. If successful, Pretzel could offer the world’s first ever treatments for mitochondrial diseases.
Founded by Michal Minczuk (University of Cambridge), Nils-Goran Larson (Karolinksa Institutet) and Claes Gustafsson (University of Gothenburg), Pretzel brings together top scientists and drug developers from around the world.
Dr Robert Tansley, Partner, Cambridge Innovation Capital, said “We are incredibly proud to support Pretzel on its mission to deliver first-in-class therapeutics to millions of patients without any treatment options. Pretzel’s pipeline is an exciting investment for us, with its potential to revolutionise outcomes for mitochondrial related diseases. As the one of the first investments from our second fund, this builds on our differentiated strategy of gaining early access to the most innovative life sciences and tech companies in the Cambridge ecosystem and partnering with them throughout their life cycles. We warmly congratulate Pretzel on the success of its financing round and look forward to working closely with the team as they continue to advance.
Michal Minczuk PhD, Co-Founder, Pretzel, said “This financing round marks a huge milestone for Pretzel, as we commence the next phase of our research to deliver first-in-class therapies to patients with mitochondrial diseases. At this crucial point in our journey, we’re delighted to be working with Cambridge Innovation Capital and benefiting not only from their investment, but their support and expertise in commercialising the most exciting life sciences innovations. We’re proud to be backed by distinguished global investors who share our mission.”
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