VC incubator Accelerator Life Science Partners launched its latest biotech startup Monday with a $31 million Series A investment from the likes of Pfizer, Eli Lilly, and Abbvie.

The company, Magnolia Neurosciences, aims to develop treatments for a range of neurodegenerative conditions from Alzheimer’s and Parkinson’s disease to some cancer-related conditions, like peripheral neuropathy and a cognitive impairment sometimes called “chemo brain.”

While the startup has its headquarters in New York City and will be run by Accelerator CEO Thong Q. Le, the initial research and intellectual property supporting Magnolia comes from University of Texas MD Anderson Cancer Center Ph.D.s Philip Jones and Jim Ray, who work in the cancer center’s Therapeutics Discovery division and have been researching this area for the past two years.

According to Magnolia, out of the more than 700,000 Americans who get chemotherapy every year, about twothirds will develop peripheral neuropathy, a condition where nerve damage causes pain, numbness and tingling in the hands and feet. And a little less than one third of patients will suffer from chemo brain (also called “chemo fog” or cognitive dysfunction), which is characterized by a general mental fogginess, short attention span and fatigue, among other cognitive issues, according to the Mayo Clinic . No medications have been approved to treat it directly.

Read more in Forbes.