Glasgow biopharma firm Mironid has closed a €39.9m Series B round to advance its lead drug candidate for the inherited kidney disease ADPKD.
The funding will support clinical development of the company’s first-in-class LoAc small molecule candidate for autosomal dominant polycystic kidney disease (ADPKD).
ADPKD is an inherited condition, caused predominantly by mutations in the PKD1 or PKD2 genes, which leads to the uncontrolled growth of fluid-filled cysts in the kidneys and, in many cases, eventual kidney failure.|
Neil Wilkie, chief executive of Mironid, said: “ADPKD is the most common hereditary kidney disorder, affecting over 12 million people worldwide, with 50 per cent of patients developing kidney failure by the age of 60. Securing funding from such a high-calibre syndicate is a strong validator of our approach to treating kidney diseases such as ADPKD.
“This financing will allow us to progress the clinical development of our lead candidate, bringing us closer to transforming the treatment landscape for patients with rare kidney diseases.”
Mironid was spun out of the University of Strathclyde and Heriot-Watt University in 2015, building on more than three decades of research into phosphodiesterase, or PDE, biology by Professor Miles Houslay.
The Glasgow-based company develops drug candidates for degenerative and rare genetic kidney diseases, as well as major inflammatory diseases and cancer.
Its LoAc molecules are designed to directly target cyclic AMP, or cAMP, a cellular signal involved in processes including cell growth and fluid secretion.
Mironid says cAMP is active across all stages of ADPKD, from initiation through to end-stage disease, and drives both cell proliferation and fluid secretion within kidney cysts.
According to the company, preclinical data has shown significant efficacy and a favourable safety profile across disease endpoints, including reductions in cyst numbers and kidney volume.
The company says its approach is intended to prevent new cysts from forming and arrest the growth of existing cysts. Mironid argues that this could provide a more durable treatment option with an improved side-effect profile compared with existing therapies.
Beyond ADPKD, Mironid’s pipeline targets phosphodiesterase 4, or PDE4, enzymes, which play a key role in cell signalling pathways implicated in disease progression.
The company operates a research-and-development-led model funded through venture capital and strategic investment, with the long-term goal of advancing its programmes through preclinical and clinical trials towards commercialisation.
The €39.9m, or US$46m, Series B round was led by the Scottish National Investment Bank, alongside existing backers Roche Venture Fund, Epidarex Capital, Sofinnova Partners, BioGeneration Ventures and the University of Strathclyde.
Paul Callaghan, investment director at the Scottish National Investment Bank, said: “Mironid exemplifies Scotland’s growing reputation for biotech innovation, developing a new treatment approach that could improve options for people living with kidney disease.
“We are pleased to join a committed group of investors to support the company through this critical stage of development, helping it translate world-class research into clinical progress, commercial opportunity and potential patient benefit.”
The latest financing follows an earlier Series A extension round that brought Mironid’s total funding since inception to €40.8m (£35m).
