M3 Biotechnology, founded at WSU, raises $1.4 million to launch Alzheimer's trial

(as reported by Casey Coombs in the Puget Sound Business Journal)

M3 Biotechnology has raised $1.4 million in funding from the Alzheimer’s Drug Discovery Foundation (ADDF) to launch human trials of its Alzheimer’s drug this year.

M3’s drug helps re-establish lost connections between brain cells and may halt the progression of the disease.

“ADDF’s first investment spurred others, including many private investors and Washington state-based venture groups W Fund and WRF Capital,” said M3 co-founder and CEO Leen Kawas. “These investments evidenced the faith in our potential, which helped us make it past the valley of death for drug development and raise nearly $14 million in additional funding.”

M3 was founded in 2011 at Washington State University and is currently based at the University of Washington's CoMotion commercialization center. It has raised $10 million in Series A funding.

The company previously raised $2.3 million including grants from the National Institute of Health and Alzheimer's Drug Discovery.

“We are excited by the promising therapeutic approach of Dr. Kawas and her team at M3 Biotechnology,” said Dr. Howard Fillit, founding executive director and chief science officer of the ADDF. “By helping neurons survive, NDX-1017 may restore cognitive function for Alzheimer’s patients. The ADDF looks forward to the results from this first human trial.”