Mironid, a biopharmaceutical company spun out from the University of Strathclyde, has announced an extension of its Series A financing round.
The company, which is developing small molecule therapeutics for the treatment of Autosomal Dominant Polycystic Kidney Disease (ADPKD), a life-threatening hereditary kidney disease, has raised £35M since inception.
Investment fund
Roche Venture Fund is the latest to join other existing investors, which include Scottish Enterprise and the European Investment Fund, Epidarex Capital, Sofinnova Partners and BioGeneration Ventures.
The funding will progress its lead discovery programme through IIND-enabling studies, which pave the way for clinical trials.
The University has supported the company through its Strathclyde Inspire Investment Fund, available for investment in companies created by students, staff, alumni and strategic partners.
Meryl Levington, Director of Innovation and Industry Engagement at Strathclyde, said: "We are proud to have supported Mironid through our Strathclyde Inspire Investment Fund alongside our investment partners as they seek to address the challenge of developing new treatments for a debilitating disease that affects so many.
"At Strathclyde we are committed to supporting entrepreneurs and innovative companies who make a positive difference to the world around them."
Rare disease
ADPKD is one of the more prevalent rare diseases and the most common hereditary kidney disorder, affecting more than 12 million people worldwide. Fifty per cent of patients develop kidney failure by the age of 60. The disease is caused predominantly by mutations in the PKD1 or PKD2 gene and is characterised by uncontrolled growth of fluid-filled cysts in the kidney.
Neil Wilkie, CEO of Mironid, which is based in Glasgow, said: “The financing validates our drug development strategy enabling us to transition from discovery to development of powerful new medicines for a chronically debilitating disease with presently limited treatment options.”