Mithridion, Inc. Announces New Funding and Outlines Strategy for Central Nervous System Drug Development
MADISON, Wis. and TOLEDO, Ohio, Jan. 11, 2011 /PRNewswire/ -- Mithridion, Inc., a privately-owned clinical stage drug development company focusing on serious Central Nervous System disorders, including Alzheimer's disease, announces that it has secured commitments of $1.25 million in new funding.
Venture Investors (VI – Madison, Wis.), The State of Wisconsin Investment Board (SWIB – Madison, Wis.), and Rocket Venture Fund (Toledo, Ohio) participated in the latest funding.
"We plan to use this new funding to explore additional niche disease targets for MCD-386CR, our lead clinical drug candidate, which is a new strategy for the company, to seek partners for our drug candidates MCD-386CR and MI-10-022 for Alzheimer's disease (AD) and schizophrenia, and to augment our science advisory board and board of directors," said Trevor M. Twose, Ph.D., the company's Chief Executive. "We greatly appreciate the continued confidence of our shareholders," he added.
Mithridion intends to develop its drug candidates for AD and schizophrenia in partnership with pharmaceutical or biopharmaceutical companies with the technical, manufacturing and commercial resources to address these major market opportunities.
As a new part of its strategy, Mithridion is actively exploring opportunities to develop its drug candidates in niche market opportunities in serious CNS disorders. Several promising disease targets have been identified and are currently being evaluated. The company believes that it will be able to create additional high value and strong entry barriers through this strategy, which it intends to fund using a combination of equity capital and non-dilutive funding.
MCD-386CR, a clinical-stage drug candidate with an open IND, has "first-in-class" potential for improving memory and cognition in AD, for improving cognition in schizophrenia, and for disease-modifying effects (or stopping disease progressio