Elevian, a Biotech startup based in Massachusetts, has closed a $40 million Series A round to improve stroke recovery and age-related conditions.
The oversubscribed funding round was led by Prime Movers Lab and brings the total funding raised by the startup to over $64 million. The round also counted with participation from other investors including Bold Capital, Leslie Ventures, and John A Kuelbs Family Office. Caleb Bell, Prime Movers Lab Partner, referred to the firm’s participation in the round by stating:
“Stroke bears a terrible human cost, and most treatments are band-aids at best. Elevian’s novel approach could be transformational and bring hope to the millions of stroke victims around the world every year. We think Elevian’s unique technology will lead to breakthrough discoveries not only for stroke but for a number of other age-related diseases, as well.”
Elevian has designed a pipeline of assets designed to restore the body’s natural regenerative capacity, allowing them to help patients treat age-related conditions and recover from strokes. The studies completed by the startup show that its use of GDF11-based treatments improves the recovery process when the stroke was ischemic or hemorrhagic in nature. Elevian CEO and Co-founder Dr. Mark Allen said about this approach:
“Our research suggests that, by targeting fundamental and common underlying mechanisms of aging as opposed to a specific disease, it may be possible to treat and prevent multiple age-related diseases, thus improving healthspan. The support and commitment from our new and existing investors like Prime Movers Lab demonstrate confidence in Elevian’s research and vision to harness the GDF11 pathway.”
The new funding will allow the startup to submit an application for a new drug it is currently developing, boost its manufacturing efforts, and complete the Phase 1 clinical trials for its flagship indication of stroke recovery. With strokes representing the second-leading cause of death worldwide, the biotech startup aims to improve the quality of life of those who have survived the condition, preventing it from happening again.