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March 7, 2017
PHILADELPHIA--(March 7, 2017) – On the heels of its Series A financing round, the newest company to join the Science Center’s Port business incubator is tackling treatment options for rare mitochondrial diseases like Freidreich’s Ataxia. Chondrial Therapeutics Inc., an emerging biotechnology company, moved into the Port incubator in December and occupies a full lab at 3624 Market Street.
Earlier this year, Chondrial announced it had secured up to $22.6 million in Series A financing.
Chondrial will advance development of CTI-1601, a novel investigational technology the company recently licensed from Indiana University Research and Technology Corp. and Wake Forest University Health Sciences, for the treatment of Friedreich’s Ataxia. Patients with Friedreich’s Ataxia progressively lose the ability to walk and speak, and their hearts become very thick and weak before eventually failing. Successful results will pave the way for additional disease indications using their novel protein delivery platform.
“With the combination of turnkey laboratory space and access to a rich knowledge community both in and around the campus, the Science Center is the ideal place for us to advance the treatment of mitochondrial diseases with our initial focus being on a treatment for Friedreich's Ataxia” says Carole Ben-Maimon, CEO of Chrondrial.
The Port business incubator has helped hundreds of emerging life sciences, physical sciences, and digital technology companies launch and grow by connecting them to business-building programs, clinical resources, investors and advice. The Port offers a range of affordable and flexible options for fast-growing companies, from cubicles, fully furnished offices, and wet and dry labs directly in the heart of uCity Square, with coworking available at the Innovation Center @3401 (ic@3401).The Port also connects its residents to Greater Philadelphia’s diverse and supportive innovation ecosystem. Over the last four years, Port residents have successfully raised more than $250 million in capital.
About the Science Center
Located in the heart of uCity Square, the Science Center is a mission-driven nonprofit organization that catalyzes and connects innovation to entrepreneurship and technology commercialization. For 50+ years, the Science Center has supported startups, research, and economic development in the life sciences, healthcare, physical sciences, and emerging technology sectors. As a result, graduate firms and current residents of the Science Center’s incubator support one out of every 100 jobs in the Greater Philadelphia region and drive $13 billion in economic activity in the region annually. By providing resources and programming for any stage of a business’s lifecycle, the Science Center helps scientists, entrepreneurs and innovators take their concepts from idea to IPO – and beyond.
For more information about the Science Center, go to www.sciencecenter.org