SEATTLE, Feb. 17, 2016 /PRNewswire/ -- Dolby Family Ventures, a venture fund managing a portfolio of investments specifically focused on companies targeting Alzheimer's and similar neurodegenerative disease, is backing Seattle-based M3 Biotechnology, Inc., according to M3 CEO Leen Kawas, Ph.D.
Announcement of the investment by Dolby Family Ventures, named for sound-system pioneer Ray Dolby who died three years ago with Alzheimer's, comes soon after Kawas announced completion of an oversubscribed Series A-Round. Dolby Family Ventures also invests in BioTechnologies with a neuro and brain-health focus, as well as more traditional early-stage technology companies including those in Virtual Reality, Home Automation / Connected Devices, IT Infrastructure, Security and 3D Printing.
The round was intended to be an $8 million raise but has been expanded to $10 million because of strong investor interest in M3, whose drug aimed at regrowing brain cells could put it at the leading edge of the emerging field of regenerative medicine.
The investment in M3 is among investments Dolby Family Ventures has made in what it describes as companies that "have the potential to accelerate a path to a cure" for Alzheimer's, its commitment to Alzheimer's Disease and brain-health therapeutics.
"After losing my father, Ray Dolby, who battled Alzheimer's disease, my family has committed to pursuing a strategy that combines strategic investments made by Dolby Family Ventures, and philanthropic grants made by the Ray and Dagmar Dolby Family Fund, to help improve the lives of future Alzheimer's patients," said David Dolby.
The fund describes its involvements as taking "a long-term approach to our investments in our companies over their development cycle."
Kawas said the investment fits well with the pattern of investors who made their decisions to get financially involved "not merely focusing on the potential returns but also with a sense of responsibility to support the work addressing the biggest unmet medical need that is Alzheimer's and Parkinson's represent."
M3's leading-edge innovation is designed to be a pill that would address its target diseases in a non-invasive way as compared to Deep Brain Stimulation and other like technologies.
Kawas noted that success with the life-restoring potential of the company's initial drug, as well as related drugs in the pipeline, would quickly lead to domination in a multi-billion dollar regenerative-medicine market.
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SOURCE M3 BioTechnology