Magceutics Inc. Raises Series A Preferred Round
TCG Press Release
July 19, 2012
LOS ANGELES – Magceutics Inc., a portfolio company of Transworld Capital Group (TCG), has recently closed a Series A preferred stock investment from Shenzhen Leaguer Sensory (LiHe) Venture Capital, a well-known fund headed by renowned Chinese inventor and tech venture capitalist Dr. Feng Guanping and closely affiliated with the Research Institute of Tsinghua University in Shenzhen. Leaguer’s investment will allow Magceutics to launch formal clinical trials for its patented compound, Magtein™, aimed at demonstrating its efficacy at treating memory loss and related cognitive health issues in humans.
“This investment has come at a critical time for Magceutics,” said Jack Z. Chen, TCG’s CEO and a Magceutics board member. He added: “With Magtein already in the nutraceutical market and growing strongly, Magceutics will be better able to focus on product research & development as well as international partnerships for nutraceuticals and potentially medical foods and drugs. Dr. Feng Guanping and Shenzhen Leaguer VC are the ideal partners for us moving forward in this regard.”
Formally launched as a nutraceutical in mid-2011, Magtein™ has shown impressive traction in the market among consumers, far exceeding initial sales estimates. Magtein is currently available through a number of well-known nutraceutical brands including Life Extension and Swanson’s and through outlets such as the Vitamin Shoppe, a large array of online stores including Walmart.com and Amazon, and several leading catalogues.
Magceutics is a biopharmaceutical company engaged in developing products for improving human memory and learning, and for the treatment of cognitive declines associated with aging, mild cognitive impairment (MCI) and Alzheimer's Disease (AD). The Company's technology is based on the groundbreaking research of Professor Guosong Liu, initiated while he was at the Massachusetts Institute of Technology (MIT). Based on his work in understanding basic neural mechanisms of synaptic density underlying learning and memory, Magceutics was founded to design and develop products for the treatment of memory associated disorders. The Company has identified a proprietary compound, magnesium l-threonate, that is safe and, as demonstrated by extensive preclinical testing, is highly effective in improving memory functions of healthy rats, aging rats and transgenic AD mice. For more information, please visit www.magceutics.com.
About Transworld Capital Group
Transworld Capital Group is a financial advisory and investment firm specializing in cross border transactions between the Western World and Greater China. The company advises both on M&A and capital-raising transactions as well as partnerships to help businesses access the China market. More information can be found at www.transworldgroups.com.