Scottish Investment Bank invests in Strathclyde spinout Mironid's $5.7m series A to support its therapy for degenerative kidney disease, major inflammatory disease and cancer.
Mironid, a UK-based drug discovery spinout of Strathclyde University, has raised £4.3m ($5.7m) in a series A round featuring Scottish Investment Bank, the investment division of Scottish Enterprise.
Strathclyde University also took part in the round, which was led by Epidarex Capital.
Scottish Enterprise is a sponsored non-departmental public body of Scotland’s government.
Spun out in 2015, Mironid is working on treatments for degenerative kidney disease, major inflammatory disease and cancer. The company is based on research by professor Miles Houslay.
Mironid will use the cash to support its internal research and preclinical development programs.
Scottish Enterprise previously awarded the company a £500,000 grant, following initial proof-of-concept conducted by Strathclyde in conjunction with Heriot-Watt University.
Paul Rodgers, executive chairman at Mironid, said: “The founders of Mironid are ambitious and have shown great commitment to close this funding round.
“The team has a unique blend of high calibre multidisciplinary industrial experience combined with top tier academic expertise in cell signalling research. The funds raised will allow the rapid acceleration of the company’s programmes to enable further product pipeline development.”
– This article first appeared on our sister site Global Government Venturing.
