Healthcare Industry News: miRagen Therapeutics
News Release - June 2, 2009
miRagen Therapeutics, Inc. Accomplishes Funding Milestones and Secures Series A ExtensionExtension Provides Total Series A Funding of $12 Million
BOULDER, Colo.--(HSMN NewsFeed)--miRagen Therapeutics, Inc., a biopharmaceutical company focused on improving patients’ lives by developing innovative microRNA (miRNA) based therapeutics for cardiovascular and muscle disease, today announced the achievement of several key milestones resulting in the approval of the second tranche of last year’s $8 million Series A financing. In addition, miRagen secured a $4 million extension of the Series A, bringing the total funding of the Series A financing to $12 million. New investors Amgen Ventures, Broadview Ventures and The Peierls Foundation join founding investors Atlas Venture and Boulder Ventures, Ltd., in funding the company's novel development of microRNA modulators as therapeutic agents for cardiovascular and muscle disorders.
“Our team has been able to execute on several vital goals. Achieving these milestones and securing this financing have better positioned us to capitalize on our research and development pipeline,” said William S. Marshall, Ph.D., President and Chief Executive Officer of miRagen Therapeutics, Inc. “We welcome the addition of our new investors and appreciate the continued commitment from our current investors.”
“miRagen has delivered compelling in vivo efficacy results from systemic administration of our proprietary anti-miR candidates,” added Bruce Booth, D.Phil., Chairman of miRagen’s Board of Directors and Partner, Atlas Venture. “The company’s progress to date has been very impressive, and the additional financing will help to facilitate the next stage of development of this exciting new class of drug candidates.”
MicroRNAs have emerged as an important class of small RNAs encoded in the genome. They act to control the expression of sets of genes and entire pathways and are thus thought of as master regulators of gene expression. Recent studies have demonstrated that misregulation of microRNA expression is correlated with many disease states. Because they are single molecular entities that dictate the expression of fundamental regulatory pathways, microRNAs represent potential therapeutic intervention targets of unprecedented power.
About miRagen Therapeutics: Cardiovascular disease is the leading cause of death globally. Astonishingly, in the United States, every 37 seconds a person dies from cardiovascular disease. For survivors, life changes dramatically after an adverse heart event. Because of the significant toll that cardiovascular and muscle disease takes on patients, miRagen Therapeutics, Inc., was founded in 2007 to develop innovative microRNA based therapeutics for cardiovascular and muscle disease. Only recently discovered, miRNAs are short, single-stranded RNA molecules encoded in the genome that regulate gene expression and play a vital role in influencing the pathways responsible for cardiovascular and muscle disease. Principally funded through venture capital investments, miRagen combines world recognized leadership in cardiovascular medicine with unprecedented in-house expertise in miRNA biology and chemistry. For more information, please visit: www.miRagenTherapeutics.com.
About Atlas Venture: Atlas Venture is a leading early-stage international venture capital firm that invests in technology and life sciences businesses in the U.S. and Europe. Since inception in 1980, its partners have helped build over 300 companies in more than 16 different countries. In the past decade, 47 portfolio companies have been acquired and 40 are now public companies with an aggregate market capitalization of over $20 billion. Atlas Venture manages over $2 billion in capital through offices in Boston, London, Munich and Paris. For more information, visit: www.atlasventure.com.
About Boulder Ventures: Founded in 1995, Boulder Ventures manages five venture capital partnerships with over $300 million under management. Boulder Ventures makes equity investments in serial entrepreneurs who lead start-up, early-stage and emerging-growth companies in Colorado and the Mid Atlantic region. Boulder Ventures can be contacted through its website: www.boulderventures.com.
About Amgen Ventures: Amgen Ventures, formed in 2004, is a corporate venture capital fund designed to provide emerging biotechnology companies with resources to develop pioneering discoveries focused on human therapeutics. Amgen Ventures reflects Amgen’s commitment to helping patients. The fund can offer early-stage companies access to Amgen’s extensive capabilities while providing Amgen with insight into external research innovations that may pave the way for future collaborations. For more information about Amgen Ventures, go to: www.amgen.com/partners/amgen_ventures.html.
About Broadview Ventures: Broadview Ventures Inc.’s mission is to accelerate the development of promising technology in cardiovascular and neurovascular disease through targeted investment in and support of early-stage technology ventures. Broadview Ventures Inc. is associated with Paris based Fondation Leducq.
Source: miRagen Therapeutics
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