A biotechnology company that has licensed a drug for the treatment of neurodegenerative disease amyotrophic lateral sclerosis, or Lou Gehrigs disease, in phase 3 development withBiogen Idec (NASDAQ:BIIB) is raising $30 million to develop its product pipeline.

The financing is being done in two tranches of $15 million to help accelerate discovery of next-generation mitochondrial mediators for neurodegenerative disorders and to support near-term clinical development of a novel combination treatment for Parkinsons disease, according to an emailed statement from Tom Petzinger Jr., executive vice president for business development and public affairs.

Knopp Biosciences, based in Pittsburgh, Pennsylvania, was started to develop a cure for ALS and is led by CEO Michael Bozik. Life science accelerator LaunchCyte and Dr. Robert Bowser, a University of Pittsburgh School of Medicine associate professor of pathology and director of the universitys center for ALS research, co-founded the company.

The drug, which has been given fast-track approval by the U.S. Food and Drug Administration, is currently undergoing clinical trials that include 900 people globally, according to Biogens annual report.

As part of its research for developing dexpramipexole, Knopp researchers learned that it protects stressed neurons and other cell types from dying, according to the companys website. Knopps discovery team has found initial evidence of neuroprotection by dexpramipexole with in vitro models of Parkinsons disease.

Knopps biology and medicinal chemistry groups are collaborating to develop next-generation modulators of mitochondrial bioenergetics for conditions such as Alzheimers disease, diabetes and heart failure.

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Biotechnology firm raising $30M to advance Parkinson’s, neurodegenerative diseases