Mironid Announces Closing of £4.3M Series A Financing
News Jun 20, 2016
Mironid Ltd has announced the closing of its Series A funding round of £4.3 million ($6.2 million), which will support the Company’s internal research and preclinical development programmes, focused on degenerative kidney disease, major inflammatory disease and cancer. The funding round was led by Epidarex Capital. The Scottish Investment Bank, on behalf of Scottish Enterprise, and the University of Strathclyde also participated in the round.
Mironid is an innovative drug discovery company that develops proprietary drug candidate molecules by modulating the activity of key phosphodiesterase 4 (PDE4) enzymes. The Company’s founders include Prof Miles Houslay who has spent over 30 years investigating the mechanisms of PDE biology while consulting for many of the world’s top pharmaceutical companies. 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.
Commenting on the funding, 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, said: “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.”
Adrian Gillespie, Managing Director of Growth Companies, Innovation & Infrastructure at Scottish Enterprise, said: “This particular area of drug development is very exciting, and the announcement of investment for its commercialisation is fantastic news for the Company. Through the Scottish Investment Bank we’re delighted to be co-investing with Epidarex and the University of Strathclyde. We have endeavoured to provide Mironid with joined up support from early stage research, to company formation and now investment to help them scale up their operations. We will continue to support them to achieve their tremendous potential, both here and internationally.”
Dr David McBeth, Director of Research and Knowledge Exchange Services at the University of Strathclyde, said: “Mironid is a really exciting company, built by a first-class team of scientists. We look forward to it delivering ground-breaking therapies from its R&D programmes and contributing to economic development in Scotland.”