CHICAGO, May 10, 2021 /PRNewswire-PRWeb/ -- Portal Innovations, a premier life sciences venture development engine, today announced that Grove Biopharma has successfully closed an oversubscribed $4 million seed round and will become a portfolio member at its Fulton Labs location. Other noteworthy participants in the financing include Joe Mansueto, Skydeck Capital, and Walder Ventures. Grove is a platform biotech company, spinning out of Northwestern University, pioneering the discovery and development of an innovative proteomimetic therapeutic modality. Proceeds from this round will advance the lead program targeting an intracellular protein-protein interaction relevant to neurodegenerative and inflammatory diseases. Portal Innovations founder and CEO, John Flavin, will join Grove Biopharma's board of directors.
"We are excited to invest in the breakthrough technology and phenomenal team at Grove Biopharma," said Flavin. "Professor Gianneschi's protein-like polymer (PLP) platform is a revolutionary innovation at the interface between materials engineering, biology, chemistry, and data science with the potential to address important biological disease targets including those classically considered to be undruggable."
The Company is led by co-founders Geoff Duyk, M.D., Ph.D., a prolific scientist and seasoned biopharma executive and investor, and Paul Bertin, Ph.D., President and COO. Together with Gianneschi, the Jacob & Rosaline Cohn Professor of Chemistry, Materials Science & Engineering, and Biomedical Engineering at Northwestern University, the team founded Grove leveraging groundbreaking science licensed from Northwestern University and the University of California, San Diego.
"Our PLP platform is a potentially disruptive approach to discovering new drugs to treat diseases with high unmet need such as Huntington's and Parkinson's Disease," said Geoff Duyk. "Portal's model will enable Grove to advance our lead program in neurodegenerative disease, providing early platform validation while we build a therapeutic pipeline."
About Portal Innovations
Portal Innovations is a premier venture development engine that invests crafted capital in seed seed stage life sciences startups. In addition to financial capital, Portal provides management expertise, access to a massive network of life sciences experts and investors along with best-in-class, fully equipped, lab and office space. For more information visit https://portalinnovations.com
About Grove Biopharma, Inc.
Grove Biopharma is a breakthrough platform biotechnology company offering a materials science solution to peptide therapeutic challenges, focused on the discovery and development of a novel class of "protein-like polymers" to treat significant unmet medical needs in chronic inflammatory and neurodegenerative diseases. Visit our website: http://www.grovebiopharma.com
Jeff Bergau, CG Life, +1 3122170419, [email protected]
SOURCE Portal Innovations