Mironid raises $46 million in Series B financing round
Mironid, a biopharmaceutical company developing small molecule therapeutics for the treatment of Autosomal Dominant Polycystic Kidney Disease (ADPKD), a life-threatening hereditary kidney disease, today announces it has raised $46 million in a Series B funding round.
Neil Wilkie, CEO of Mironid said:
ADPKD is the most common hereditary kidney disorder, affecting over 12 million people worldwide, with 50% of patients developing kidney failure by the age of 60. Securing funding from such a high-caliber 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.
ADPKD is one of the more prevalent rare diseases and the most common hereditary kidney disorder. The disease is caused predominantly by mutations in the PKD1 or PKD2 gene and is characterized by uncontrolled growth of fluid-filled cysts in the kidney. Mironid’s first-in-class LoAc small molecules represent the only drug class directly targeting cyclic AMP (cAMP), which is active in all stages of the ADPKD disease process from initiation through to end-stage, stimulating both cell proliferation and fluid secretion. Preclinical data shows significant efficacy and a favourable safety profile across all disease endpoints, including a reduction in cyst number and kidney volume. The ability of cAMP modulators to prevent new cyst formation and arrest the growth of existing cysts is indicative of the potential to offer an effective and durable treatment option with an improved side-effect profile for all ADPKD patients.
The funding round was supported by new investor the Scottish National Investment Bank and existing investors the Roche Venture Fund, Epidarex Capital, Sofinnova Partners, BioGeneration Ventures and the University of Strathclyde. Proceeds will be used to advance the clinical development of the Company’s first-in-class LoAc small molecule for patients with ADPKD.
Paul Callaghan, Investment Director, Scottish National Investment Bank, said:
Our investment in Mironid reflects our commitment to backing impactful Scottish businesses with high-growth potential. 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.
