Eleven-person biotech company Chondrial Therapeutics just raised $25.8 million in a private stock sale to commercialize its treatment for people with the neurodegenerative movement disorder Friedreich’s ataxia.

The funding will support Chondrial’s FDA application for its technology called CTI-1601, which it licensed in 2016 (the same year of their founding). This will allow the company to complete the studies necessary to finish the application and initiate phase one of its clinical trials by the end of this year.

The $25.8 million is only the beginning. The initial funds are part of an overall $35.8 million raised, the majority from investor Deerfield Management, and the rest of which is currently tranched. Included in the $25.8 million is a previously raised $22.6 million in Series A financing in 2017.

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