German biotech startup Neuway Pharma has tapped into $3.3 million (€2.95 million) of funding from the country’s Federal Ministry of Education and Research that the company says will go toward the development of drugs used for the treatment of severe orphan central nervous system diseases.
The Bonn, Germany-based company, which was founded two years ago, said the monetary infusion will be directed to its CNS drug delivery technology for the passage of the blood-brain barrier by engineered protein capsules to various active pharmaceutical substances, the company said.
“This grant plays an important role in the further development of Neuway’s CNS drug delivery platform up to the qualification of at least one compound for clinical development.” Dr. Heiko Manninga, the company’s chief scientific officer and managing director, said in a statement.
The company recently concluded an extension of a Series A round of funding of $3.5 million (€3.1 million).
Neuway also said it plans to partner its technology with pharmaceutical companies and their compounds for use in therapeutic treatments for central nervous system diseases. Additionally, the company said it has begun the development of a vaccine to treat the rare but usually fatal neurological disease called progressive multifocal leucoencephalopathy.
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