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Convelo Therapeutics to Develop New Regenerative Medicines for Neurological Disease Characterized by Loss of Myelin

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-- Company Founded Based on Seminal Data Published Today in Journals
Nature and Nature Methods Identifying Pathway for Stimulating
Regeneration of Myelin --

-- Biotech Pioneer Derrick Rossi, Ph.D., Appointed President and CEO
--

-- Convelo Founders and Scientific Advisors Include Leading Experts
in Stem Cell and Regenerative Medicine and Multiple Sclerosis --

Convelo Therapeutics, Inc. announced today that it has launched from
stealth mode with a mission to discover and develop a new class of
medicines that regenerate the protective myelin coating around nerve
cells that is lost in a wide array of neurological diseases, including
multiple sclerosis (MS). Seminal scientific discoveries made in the
laboratories of Drs. Paul Tesar and Drew Adams at Case Western Reserve
University School of Medicine provide the foundation of Convelo's
discovery platform. Their most recent work, published online today in
the journals Nature and Nature Methods, identified a
central molecular pathway for stimulating the regeneration of new
myelinating cells in the central nervous system.

"The discovery of agents that can restore myelin represents a new
therapeutic paradigm for patients with neurodegenerative diseases
characterized by loss of myelin," said Derrick Rossi, Ph.D., who has
been appointed President and Chief Executive Officer of Convelo
Therapeutics. Prior to joining Convelo, Dr. Rossi was faculty at Harvard
Medical School and the Department of Stem Cell and Regenerative Biology
at Harvard University. He also served as an investigator at Boston
Children's Hospital, where his lab was focused on stem cell biology and
regenerative medicine. Dr. Rossi has a history of entrepreneurship as
co-founder of Moderna Therapeutics, Magenta Therapeutics and Intellia
Therapeutics.

"In the case of MS, the most prevalent chronic neurological disease in
young adults, patients have been limited to immunomodulatory drugs.
These can be effective in slowing the progression of disease but do not
halt it. Our thesis is that therapeutics that act directly within the
central nervous system to stimulate myelin regeneration may be what is
needed to stop or reverse the progressive nature of these types of
diseases altogether. I am thrilled to lead the team at Convelo as we
translate these remarkable findings of Drs. Tesar and Adams into
tangible, life-altering therapies for people living with demyelinating
disorders."

Convelo's Co-Founders

In addition to Dr. Rossi, Convelo was co-founded by a world class team
of academic and scientific founders including:

  • Paul Tesar, Ph.D., Associate Professor of the Department of Genetics
    and Genome Sciences and the Dr. Donald and Ruth Weber Goodman
    Professor of Innovative Therapeutics, Case Western Reserve University
    School of Medicine
  • Drew Adams, Ph.D., Assistant Professor of the Department of Genetics
    and Genome Sciences, the Thomas F. Peterson, Jr. Professor of Novel
    Therapeutics, and the Director of Small Molecule Drug Development
    Core, Case Western Reserve University School of Medicine
  • Steven Landau, M.D., Chief of Development, Convelo Therapeutics

Convelo Therapeutics has named two world-renowned experts in neurology
and MS to its Clinical and Scientific Advisory Boards. They are:

  • Jeffrey Cohen, M.D., Director of Cleveland Clinic's Mellen Center for
    Multiple Sclerosis Treatment and Research
  • Robert H. Miller, Ph.D., Senior Associate Dean for Research at the
    George Washington University School of Medicine and Health Sciences

Scientific Approach

Myelin is a critical component of a functioning central nervous system.
Formed by specialized cells called oligodendrocytes, myelin wraps and
insulates nerve fibers to enable proper transmission of electrical
signals in the nervous system. Convelo Therapeutics is developing
brain-penetrant small molecule therapeutics that stimulate
oligodendrocyte differentiation and myelin regeneration from
oligodendrocyte precursor cells (OPCs). In preclinical studies, the
company's approach has demonstrated regeneration of myelin and reversal
of paralysis in mouse models of MS.

In addition to MS, myelin loss or dysfunction also underlies several
childhood leukodystrophies, including Pelizaeus-Merzbacher disease, and
is a common characteristic of spinal cord injury, stroke and traumatic
brain injury, as well as age-related dementias such as Alzheimer's
disease.

Financing and Intellectual Property (IP)

A $7.8 million financing was led by a group of private investors managed
by Bill Sanford, Chairman of the Board of Directors of Convelo
Therapeutics. In conjunction with the financing, Convelo Therapeutics
executed an exclusive worldwide license agreement with Case Western
Reserve University, which includes an intellectual property portfolio
related to stem cell screening systems, remyelination platforms and drug
candidates.

"We have a group of investors that believes deeply in the Convelo
Therapeutics mission and is fully committed to seeing the company
develop important new treatments for patients suffering from severe
neurological disorders," said Sanford, Executive Founder and retired
Chairman and Chief Executive Officer of STERIS Corporation. "Convelo has
an outstanding team and academic partners in place to develop
first-in-class remyelinating therapies."

About Convelo Therapeutics

Convelo Therapeutics is developing a new class of medicines that unlock
the regenerative capacity of the central nervous system. Convelo is
pioneering approaches to regenerate the protective myelin coating around
nerve cells that is lost in a wide array of neurological diseases
including multiple sclerosis, pediatric leukodystrophies, traumatic
injury and age-related pathologies such as Alzheimer's. Convelo has
identified key biological targets and a pipeline of drug candidates to
provide novel and meaningful solutions for patients and their families.
Convelo Therapeutics is incubated at BioEnterprise, a leader in growing
Northeast Ohio bioscience companies. To learn more visit www.convelotx.com.

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