PROVIDENCE – Mnemosyne Pharmaceuticals Inc. closed today on an additional $6 million in Series A financing for its drug discovery efforts focused on the identification of new drug treatments for schizophrenia and other neuropsychiatric disorders.
The new financing is from Atlas Venture, a Cambridge, Mass., early stage investment firm dedicated to financing disruptive innovation in life sciences and technology, and from Clal Biotechnology Industries, an Israeli firm, according to Kollol Pal, president and CEO of Mnemosyne.
The new funding brings the total of Series A financing raised to $11.4 million, combined with an earlier $5.4 million in Series A financing in 2012, led by Access BridgeGap Ventures, which included support from its existing investor, the Slater Technology Fund.
Slater has invested a total of $1 million in the firm.
Pal, who has described his startup as “the poster child” for the emerging Knowledge District because of its pairing of science and entrepreneurship, called the new investment “from a top tier fund very exciting.”
Pal said that while clinical trials are “still far away,” the new financing from Atlas and Clal is a strong endorsement of Mnemosyne’s science and entrepreneurial leadership.
Pal told Providence Business News that the company was also in discussion with potential pharmaceutical partners on a different drug development effort “that will be another magnitude of potential investment.”