Austin company snags funding for Autism treatment
Feb 5, 2014
Austin Business Journal
Lumos Pharma, an Austin-based biotech company, has raised $14 million in Series A financing, according to a Tuesday press release
The company said it collected the money from Santé Ventures, an Austin-based venture capital group, and Menlo Park, Calif.-based New Enterprise Associates (NEA)
Lumos Pharma's plans for the investment include supporting the development for a therapeutic treatment for those suffering from Creatine Transporter Deficiency, a rare, Autism-spectrum disease
"Sante and NEA's deep knowledge of drug development in the rare disease space will be valuable assets to our company and to the development of our lead compound," said Lumos Pharma's founder, president and CEO, Rick Hawkins, in the statement. "We are absolutely committed to bringing a much needed therapeutic to the patients afflicted with CTD and their families. The patients remain our first priority."
The CTD treatment Lumos Pharma is developing has been granted orphan designation by the FDA, which means it qualifies for a variety of incentives designed to speed the development of the drug