Imperial Innovations Group plc (AIM: IVO, ‘the Group’, ‘Innovations’) announces that portfolio company MISSION Therapeutics (‘MISSION’ or ‘the Company’) has raised £60.0 million to advance a series of first-in-class small molecule drugs candidates from its innovative drug platform.
The financing was jointly led by Innovations and new investor, Woodford Patient Capital Trust Plc with follow-on investment from existing shareholders Sofinnova Partners, SR One, Roche Venture Fund and Pfizer Venture Investments.
Innovations has committed £11.3 million to the round, with the first tranche of £3.9 million invested yesterday, resulting in the Group’s holding increasing to 21.6% interest in the Company. As of 31 July 2015, Innovations had invested £5.8 million in MISSION with a net carrying value of £6.0 million.
MISSION is a drug discovery and development company focused on selectively targeting deubiquitylating (DUBs) enzymes to treat cancer, neurodegenerative and other diseases. DUBs are involved in multiple cellular processes, including DNA damage and cell proliferation.
The inhibition of these enzymes has considerable potential for the generation of novel drugs for treating cancer and other unmet medical needs, including neurodegenerative disease, muscle wasting and infectious disease. Despite significant efforts within the pharmaceutical sector, there is a lack of DUB inhibitors in clinical development.
The new funding will enable MISSION to maximise the potential of its world leading DUB platform and advance a series of first-in-class small molecule drugs candidates targeting specific DUBs into early clinical development.
MISSION is another example of Innovations’ maturing portfolio continuing to make significant progress. It is now the fourth Innovations portfolio company to raise over £40 million in a single private funding round.
Dr Rob Woodman, Director of Healthcare Ventures, Imperial Innovations added:
“MISSION’s world-class DUB platform has the potential to deliver innovative treatments in indications of high unmet need, including neurodegenerative diseases and cancer.
“We are pleased to support the creative management team in realising the full potential of the ground-breaking discovery chemistry, as MISSION enters its next stage of growth.”
Anker Lundemose, Chief Executive Officer, MISSION Therapeutics commented:
“We have attracted one of the highest profile investor syndicates in Europe. I would like to thank all of our investors for their support and Imperial Innovations for leading the investment round, which is a strong endorsement of our unique discovery platform.
“2016 will see us progress our advanced programs into regulatory preclinical development and deepen our pipeline, from a position of increased financial strength.”