Radnor-based Mitochon Pharmaceuticals recently completed a private stock sale, generating $1.6 million for the biotech company. Among the investors involved in the equity financing is Ben Franklin Technology Partners of Southeastern Pennsylvania, writes John George of the Philadelphia Business Journal.

The start-up company will use the funds to advance the development and testing of its lead compound MP101, a mitochondrial targeted neuro-protective agent, to human clinical trials. The newly procured funds will also give Mitochon the opportunity to further develop its second compound, MP201, which has the potential to be a therapy for multiple sclerosis.

“We are pleased to close on this financing and continue our efforts in developing neuro-protective compounds for insidious neurodegenerative diseases with few treatment options,” said co-founders Robert Alonso, CEO and John Geisler, PhD., CSO. They also cited Huntington’s Disease, Rett Syndrome, Multiple Sclerosis, Parkinson’s Disease, and Alzheimer’s Disease as possible beneficiaries in the future.

“Mitochon had a remarkable 2015, with a series of successful proof-of-concept studies that have now paved the path for clinical development,” they noted.

Mitochon Pharmaceuticals, which was founded two years ago, plans to start phase-I clinical trials of MP101 in normal healthy volunteers this year. It also aims to study the effects of oral therapy applied once a day in patients suffering from Huntington’s from next year.

Read more about Mitochon Pharmaceuticals at Philadelphia Business Journal by clicking here.

Top photo credit: Assorted pharmaceuticals via photopin (license)