Scotland-based cell signaling upstart Mironid has raised £4.3 million ($6.2 million) in its Series A funding round less than a year after being spun out of Glasgow’s University of Strathclyde.
The money will help support the fledging biotech’s early-stage research and preclinical development programs--which are currently focused on degenerative kidney disease, major inflammatory disease and cancer.
The biotech’s research aims to dial up and down the activity of key cell signaling enzymes to rebalance aberrant signals that drive different disease states.
The funding round was led by Epidarex Capital with the Scottish Investment Bank--on behalf of Scottish Enterprise--and the University of Strathclyde also stumping up cash.
The company currently develops drug candidate molecules by modulating the activity of key phosphodiesterase 4 (PDE4) enzymes. Its founders include Professor Miles Houslay, who has spent over 30 years investigating the mechanisms of PDE biology while consulting Big Pharmas.
Mironid was spun out of the University of Strathclyde in 2015, following initial proof-of-concept studies--also involving Heriot-Watt University--supported by a £0.5 million grant from Scottish Enterprise.
Mironid’s tech is set to enable the design of cell-based assays that mirror the drug target’s conformation and environment found in living cells.
This should then allow the identification of drug-like molecules that can modulate key cell signaling enzymes leading to the rebalancing of aberrant signals that drive different disease states.
Building on the company’s tech, Mironid is developing its drug discovery pipeline to include ShoLo compounds for the treatment of chronic inflammatory diseases and LoAc compounds for the treatment of degenerative kidney disease and cancer.
Dr Paul Rodgers, executive chairman at Mironid, said: “The founders of Mironid are ambitious and have shown great commitment to close this funding round. The team has a unique blend of high calibre multidisciplinary industrial experience combined with top tier academic expertise in cell signalling research. The funds raised will allow the rapid acceleration of the Company’s programmes to enable further product pipeline development.”
Sinclair Dunlop, managing partner at Epidarex Capital, added: “Epidarex is delighted to lead the Series A funding of Mironid, a dynamic, innovative company with the opportunity to identify and validate proprietary lead candidate molecules, leading to the development of best-in-class therapeutics to radically improve the treatment of chronic diseases.”
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