MIRONID, a Lanarkshire pharmaceutical firm, has raised £4.3 million in Series A funding to continue research and preclinical development programmes into degenerative kidney disease, major inflammatory disease and cancer.
The funding round was led by Epidarex Capital, a fund with offices in Edinburgh that partners with leading universities and research institutions to fund all areas of health science. The Scottish Investment Bank, on behalf of Scottish Enterprise, and the University of Strathclyde also participated in the round.
Mironid, which specialises in cell signalling directed drug development, was spun out of University of Strathclyde in 2015.
The firm develops proprietary drug candidate molecules by controlling the activity of key phosphodiesterase 4 (PDE4) enzymes. These enzymes decrease production of natural anti-inflammatory mediators and are thought to contribute to a number of inflammatory diseases.
Commenting on the funding, Paul Rodgers, executive chairman at Mironid, highlighted the ambition and commitment of the founders of Mironid.
“The funds raised will allow the rapid acceleration of the company’s programmes to enable further product pipeline development,” he said.
While clinical trials remain years away Dr Rodgers said the funding would allow staff numbers to grow from seven to ten or 12 in the next year, ahead of a further round of funding.
“The funding was critical to allow us to do what we need to do,” he added. “This is the first significant cash injection for us and we can really motor on from here.”
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.
“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.”
He added that the company would continue to support Mironid to achieve its “tremendous” potential, both in the UK 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.”
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