MADISON, Wis., Jan. 12 /PRNewswire/ -- Mithridion, Inc., a drug development company focusing on serious Central Nervous System disorders, including Alzheimer's disease (AD), announced today that it held an initial closing of $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 in this devastating disorder. The company has raised $7.4 million to date in equity funding.
Venture Investors (VI - Madison, Wis.) led this latest round of financing. The State of Wisconsin Investment Board and Wisconsin Investment Partners, both of Madison, Wis., and Rocket Venture Fund (Toledo. Ohio), all existing shareholders, also participated in the latest funding. Mithridion plans to hold a final closing with respect to this financing on or before March 31, 2009.
John Neis, Managing Director of VI, will join Mithridion's board of directors.
"This 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 M. Twose, Ph.D., the company's Chief Executive. "We greatly appreciate the continued support of our shareholders," he added.
Five million Americans suffer from Alzheimer's disease today, and the number will grow as baby-boomers age. The market for Alzheimer's disease drugs exceeds $4 billion, but is currently underserved, and may grow to greater than $10 billion with the development of drugs that are more effective.
MCD-386 is highly selective for the M1-type muscarinic receptor. In preclinical laboratory tests, MCD-386 appears to replace deficient brain acetylcholine activity, similar to that caused by AD. This drug is intended to improve memory and cognition
|SOURCE Mithridion, Inc.|
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