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