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UK-based biotechnology company, Morphogen-IX, has announced the completion of its Series B financing round
UK-based biotechnology company, Morphogen-IX, has announced the completion of its Series B financing round, led by Medicxi with investments from Cambridge Innovation Capital and Cambridge Enterprise, in which it has raised £18.4 million (approximately $23.2 million).
Monies raised from this financing round will be used to support the formal preclinical development of Morphogen-IX’s lead candidate, MGX292, in addition to the initiation of clinical trials, anticipated in 2021.
“This major investment, following closely on the nomination of MGX292 as our drug candidate, will support the critical next steps of preclinical development and take us all the way through to completion of Phase 2 studies over the next three to four years,” said Nick Morrell, Morphogen-IX co-founder and CEO in a Dec. 18, 2018 press release. “MGX292 has disease-modifying capability that is needed for patients suffering from pulmonary arterial hypertension.”
MGX292 is a protein-engineered variant of BMP9 that has been found to be efficacious and safe in preclinical studies assessing it as a treatment for pulmonary arterial hypertension (PAH).
Kevin Johnson, partner at Medicxi, commented, “MGX292 has the potential to transform the outlook for patients with PAH. We look forward to executing the next phases of development as efficiently and quickly as possible.”