Oxford, UK, Dec. 13, 2023 - MitoRx Therapeutics (MitoRx), a pioneering biotechnology company focused on reversing mitochondrial dysfunction to combat degenerative diseases, has successfully closed its seed extension financing round, raising a total of £4 million from existing investors.
MitoRx is at the forefront of developing innovative therapies that target mitochondrial dysfunction, a critical factor in the progression of rare diseases such as Duchenne muscular dystrophy (DMD) and Huntington's disease (HD), as well as common neurodegenerative diseases. The company has achieved promising preclinical results that validate its approach in treating severe neuromuscular diseases, and it has also made significant progress in researching respiratory diseases through academic collaborations.
Dr. Jon Rees, CEO of MitoRx, highlighted the company's groundbreaking work, saying, "Degenerative diseases have a profound impact on patients and healthcare systems. We are the first biotech company to reverse the impairment in sulfide-signaling, a key driver of mitochondrial dysfunction, which is at the root of muscular dystrophy and various forms of dementia. Our approach holds the potential to address the significant unmet medical needs in these diseases. This seed extension financing round allows us to advance our lead asset towards clinical trials and establishes a solid foundation for securing Series A funding, putting us on track to reach clinical trials within the next two years. We are also actively seeking partners to explore the anti-fibrotic and anti-inflammatory properties of our assets in diseases such as COPD."
Oliver Sexton, Investment Director at the UK Innovation & Science Seed Fund (UKI2S), expressed enthusiasm for MitoRx's research, stating, "MitoRx's innovative approach to mitochondrial dysfunction could lead to a breakthrough treatment for degenerative diseases that severely affect both young and elderly patients. These patients are in desperate need of more treatment options, and UKI2S is proud to continue supporting MitoRx's development."
Dr. Christine Charman, Chief Development Officer at MitoRx, revealed interim results from their Duchenne program, indicating that their lead asset, capable of penetrating muscle tissue, preserves strength in oxidative muscle and confirms its positive effects on mitochondrial modulation. These results will be presented at the Muscular Dystrophy Association Clinical and Scientific Conference in Orlando in March 2024.
MitoRx's academic founder and Chief Scientific Officer, Professor Matt Whiteman of the University of Exeter, along with collaborators led by Prof. Phil Hansbro at Australia's Centenary/UTS Centre for Inflammation, presented research at the 10th Annual Meeting of the International Cytokine and Interferon Society. This research demonstrated anti-fibrotic activity and the preservation of lung function in a model of COPD. Prof. Whiteman and collaborators have also previously shown neuroprotection in a mammalian model of Alzheimer's disease by restoring sulfide-signaling.
This seed extension financing round received support from a diverse group of investors, including the UK Innovation & Science Seed Fund, Wren Capital, Longevitytech.fund, The Fink Family Office, the Science Angel Syndicate Network, Oxford Technology Management, as well as angel investors. The funds will be allocated for pre-clinical work in HD, the initiation of MitoRx's first neurodegenerative disease program, and the exploration of research collaborations and partnerships. The company anticipates obtaining preclinical results for DMD, HD, and COPD by the end of the second quarter of 2024.
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