Biopharmaceutical company Mironid, based in Glasgow, has raised £34 million, which includes an £8.4m equity investment from the Scottish National Investment Bank (SNIB).
SNIB joins existing investors in the Series B funding round, including Roche Venture Fund, Epidarex Capital, Sofinnova Partners, BioGeneration Ventures, and the University of Strathclyde.
The capital will support clinical development of Mironid’s small molecule therapeutics for the treatment of Autosomal Dominant Polycystic Kidney Disease (ADPKD), a life-threatening hereditary kidney disease.
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.”
Mironid was founded through collaboration involving the University of Strathclyde and Heriot-Watt University. Under CEO Neil Wilkie, it has progressed a series of drug development programmes that target specific enzymes to generate novel and differentiated therapies for a range of diseases with high unmet medical need.
Paul Callaghan, director of innovation at SNIB, 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.”
SNIB’s investment builds on its commitment to scaling innovative Scottish firms and will support Mironid’s growth ambitions as it advances its novel therapy for patients with ADPKD.
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