Mithridion, Inc., a drug development company focusing on serious central nervous system disorders, including Alzheimer's disease, announced today it has received $2.9 million in Series B Preferred Stock financing.
The company will use the funds for the clinical development of MCD-386, its lead drug candidate, aimed at stopping or slowing down disease progression and improving memory and cognition for patients with Alzheimer's.
The company has raised $7.4 million to date in equity funding.
Venture Investors of Madison led the latest round of financing. The State of Wisconsin Investment Board and Wisconsin Investment Partners, both of Madison, and Rocket Venture Fund of Toledo. Ohio, all existing shareholders, also participated in the latest funding.
"his new funding will enable Mithridion not only to advance MCD-386 in Phase I trial, but will also support the development of exciting drug leads for AD and schizophrenia in our preclinical pipeline," said Trevor Twose, Ph.D., the company's chief executive officer. "We greatly appreciate the continued support of our shareholders."
In preclinical laboratory tests, MCD-386 appears to replace deficient brain acetylcholine activity, similar to that caused by Alzheimer's. The drug is intended to improve memory and cognition, with improved tolerability compared to previously tested M1-selective muscarinic drugs. MCD-386 also appeared to activate alpha-secretase enzymes, which might reduce or prevent the loss of brain cells in Alzheimer's by preventing the formation of amyloid beta. In preclinical laboratory tests, MCD-386 appeared to be superior to the best first-generation drug candidates of its type.
Madison company lands more financing to test Alzheimer's drug
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