Navigation Links
Mithridion, Inc. Announces New Funding and Outlines Strategy for Central Nervous System Drug Development
Date:1/11/2011

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 progression) in AD.  MCD-386 is a highly selective agonist (activator) for the M1-type acetylcholine muscarinic receptor, effectively mimicking acetylcholine in a selective way to achieve desired therapeutic effects while minimizing side effects.  Acetylcholine is a chemical 'neurotransmitter' vitally involved in many brain functions such as memory, cognition, and attention.  MCD-386 was designed to stimulate these and other key brain functions that have been compromised by the deficit of acetylcholine that is a characteristic feature of AD, schizophrenia and many other serious central nervous system disorders.  

MCD-386 has completed Phase I single- and multi-dose clinical trials in 55 healthy volunteers, including 29 subjects who received a controlled release tablet formulation.  MCD-386CR has so far proven to be well-tolerated at the doses tested.  Extensive pharmacokinetic information obtained during the trials demonstrated sustained release of drug substance from the new formulation, and, together with new information on metabolism, provides a strong foundation for further rational development of MCD-386.

Mithridion's recently announced preclinical-stage drug candidate, designated MI-10-022, is potentially a "first-in-class" oral monotherapy for schizophrenia, and in preclinical tests has shown potential for combining therapeutic effects on cognition, a major unmet need in schizophrenia treatment, with therapeutic effects on psychosis.  It is a highly selective muscarinic M1/M4 receptor agonist.  MI-10-022 appears from extensive pharmacological testing not to bind to other major neurotransmitter receptors, such as those involved in the actions of other antipsychotic drugs.  This strongly suggests that its mechanism of action is novel and distinct from those of currently available antipsychotic drugs.

The muscarinic drug targets being pursued by Mithridion were clinically validated by the investigational drug, xanomeline, developed by Lilly.

Venture Investors is a venture capital firm with over $200 million under management.  For additional information on the firm, visit www.ventureinvestors.com.

The development of MCD-386 was supported in part by NIH SBIR grant AG20454 from the National Institute of Aging, and the NIH RAID Program. The development of drugs for schizophrenia was supported in part by NIH SBIR grant MH67430 from the National Institute of Mental Health The content is solely the responsibility of the authors and does not necessarily represent the official views of the National Institute of Aging, National Institute of Mental Health, or the National Institutes of Health.

www.mithridion.com  


'/>"/>
SOURCE Mithridion, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Nalco Announces Price Increase
2. Vasomedical Announces Launch of Its Online Company Store
3. Mindray Medical Announces Preliminary 2010 Operating Results
4. Mindray Medical Meets 2010 Product Development Targets and Announces Strong 2011 Pipeline
5. Shionogi Inc. Announces Commercial Availability of KAPVAY™ (clonidine hydrochloride) Extended-Release Tablets for the Treatment of ADHD
6. Optimer Pharmaceuticals Announces Key Additions to Management Team
7. Auxilium Pharmaceuticals Reports Preliminary Fourth Quarter 2010 Net Revenue and Announces 2011 XIAFLEX Revenue Guidance
8. TriReme Medical Announces Japanese Alliance
9. diaDexus Announces FDA Clearance for New Automated PLAC Test
10. ADVENTRX Pharmaceuticals Announces Capital Raise of $22.5 Million
11. ADVENTRX Announces Signing of Term Sheet for Acquisition of Poloxamer-Based Therapeutics
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/26/2016)... Story Highlights: ... the health care industry is causing providers to review ... Deloitte offers a suite of solutions for health care ... cost optimization: labor resource analysis, revenue cycle optimization and ... outcomes and better economics ...
(Date:6/24/2016)... June 24, 2016 ... announced the addition of the " Global Markets ... This report focuses ... an updated review, including its applications in various applications. ... market, which includes three main industries: pharmaceutical and biotechnology, ...
(Date:6/24/2016)... -- Research and Markets has announced the addition ... report to their offering. ... The World Market for Companion Diagnostics covers the world ... in the report includes the following: , ... by Region (N. America, EU, ROW), 2015-2020 , World ...
Breaking Medicine Technology:
(Date:6/27/2016)... ... June 27, 2016 , ... "FCPX editors can now reveal their ... Cut Pro X," said Christina Austin - CEO of Pixel Film Studios. , ... Pro X users can now reveal the media of their split screens with ...
(Date:6/27/2016)... Overland Park, KS (PRWEB) , ... June 27, 2016 , ... ... leader in retailers of Eyeglasses . , Millions of individuals in the United ... life, eyeglasses have become a way to both correct vision and make a fashion ...
(Date:6/26/2016)... North Carolina (PRWEB) , ... June 26, 2016 , ... ... release of a new product that was developed to enhance the health of felines. ... for centuries. , The two main herbs in the PawPaws Cat Kidney Support ...
(Date:6/25/2016)... Austin, TX (PRWEB) , ... June 25, 2016 , ... ... Fellow of the American College of Mohs Surgery and to Dr. Russell Peckham for ... popular and highly effective treatment for skin cancer. The selective fellowship in Mohs Micrographic ...
(Date:6/25/2016)... Long Beach, CA (PRWEB) , ... June 25, 2016 , ... ... from UCLA with Magna Cum Laude and his M.D from the David Geffen School ... San Diego and returned to Los Angeles to complete his fellowship in hematology/oncology at ...
Breaking Medicine News(10 mins):