Merganser holds iron series A

Merganser Biotech has raised $28m series A in a round backed by university investment consortium Osage University Partners.

The round was led by Novartis Venture Fund, and joined by Osage, Frazier Healthcare, and Sutter Hill Ventures, with representatives from all four joining Merganser’s board. Existing backers BioAdvance and Stateside Developments also participated.

The funding will be used to develop hepcidin mimetic peptides to treat rare haematological and iron overload diseases – technology the company licensed from University of California Los Angeles.

Brian MacDonald, CEO of Merganser, said: “We are delighted to receive support from a strong syndicate of investors to develop hepcidin mimetics. The proceeds from this financing will enable us to generate clinical proof of concept in one or more of the many therapeutic applications of this versatile technology.”