Based on research at Ludwig Maximilian University of Munich and Max-Planck-Institute for Biophysical Chemistry, Modag has launched out of stealth with $14m in series A funding.

Modag, a Germany-based developer of treatments for neurodegenerative diseases based on research at Ludwig Maximilian University of Munich (LMU) and Max Planck Institute for Biophysical Chemistry, has emerged from stealth with a €12m ($14m) series A round led by private equity firm Massa Investment.

Founded in 2013, Modag is working on treatments for neurodegenerative conditions with an initial focus on multiple system atrophy (MSA), an atypical form of Parkinsonism that leads to movement, balance and autonomic function disorders.

There is currently no cure for MSA, classified as a rare disease, and available therapies only address symptoms.

Modag will use the funding to advance its lead asset, anle138b, into clinical development, after showing in pre-clinical models that it has the potential to halt the progression of MSA.

Modag commercialises research by Prof Armin Giese from LMU, who has been appointed chief scientific officer in conjunction with the series A round, and Prof Christian Griesinger from Max Planck.

Jeff Putman of Massa Investment will join the company’s board of directors. Modag has also named Torsten Matthias as chief executive.