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CAMBRIDGE, Mass., Oct. 10, 2019 (GLOBE NEWSWIRE) -- Rheostat Therapeutics, an emerging biopharmaceutical company pursuing novel approaches for the treatment of debilitating neurodegenerative diseases by preserving neurons, today announced the company has changed its name to Caraway Therapeutics.
Caraway Therapeutics is a leader in the cutting-edge science of activating autophagy, the cellular recycling processes to clear toxic materials and defective cellular components. The company has a rigorous product engine with multiple approaches that leverage genetically defined targets to find potential treatments for patients suffering the devastating effects of neurodegenerative diseases, including Parkinson’s disease and amyotrophic lateral sclerosis (ALS).
Magdalene Moran, PhD, President and Chief Scientific Officer of Caraway, said, “We chose to rebrand the company as ‘Caraway’ because it is suggestive of our scientific approach, to ‘carry away’ cell refuse. With more than six million Americans suffering from neurodegenerative disease, we are committed to addressing an urgent unmet medical need by discovering and developing better treatments.”
Caraway also announced that it has relocated its laboratories and offices in Kendall Square, the life sciences innovation epicenter of Cambridge, MA. The new facility accommodates Caraway’s anticipated growth and facilitates engagement with stakeholders in the biopharma community, including potential partners and collaborators.
Caraway is backed by top-tier investors. In November 2018, the company announced the close of a $23 million Series A financing by SV Health Investors, AbbVie Ventures, MRL Ventures, Amgen Ventures, Dementia Discovery Fund, Alexandria Venture Investments and Mayo Clinic.
“With a world-class team of scientists in our new Kendall Square space, we are well positioned to identify novel treatments for neurodegenerative disease,” said Tim Harris, PhD, DSc, co-founder and Scientific Advisory Board Chair. “We look forward to growing the Caraway team and advancing our programs to ultimately provide disease-modifying therapeutics to patients.”
About Caraway Therapeutics
Caraway Therapeutics is an emerging biopharmaceutical company pursuing novel approaches for the treatment of debilitating neurodegenerative diseases by preserving neurons. Co-founded by renowned scientists in cellular biology, the company is a leader in the cutting-edge science of activating cellular recycling processes to clear toxic materials and defective cellular components. Caraway has a rigorous product engine with multiple approaches to potentially disease-modifying compounds for patients suffering the devastating effects of neurodegenerative diseases.
Caraway is based in Cambridge, MA. For more information, please visit https://carawaytx.com.