Mogrify, a biopharmaceutical company transforming the lives of patients through a novel class of in vivo reprogramming therapies, has extended its Series A financing round to £38 million.
The Cambridge firm says the funding will support further advancement of Mogrify’s pipeline through pre-clinical translation, continued platform optimisation, and facilitation of new and existing biopharma collaborations.
The additional close of $10m was co-led by strategic corporate investor Astellas Venture Management and Parkwalk Advisors, a funder of UK university spinouts, with support from Ahren Innovation Capital, Trend Investment Group and Dr Jonathan Milner, co-founder of Abcam Plc.
Mogrify is targeting a Series B fundraise in 2024/25. The company’s pipeline aims to address degenerative diseases of the eye, ear and pancreas via direct in vivo restoration of clinically valuable cell types, and in doing so, transform the lives of patients suffering from vision loss, hearing loss and diabetes.
“Aligned to a consolidated corporate structure and vision, this latest funding will provide sufficient cash runway to enable the achievement of key development milestones in both our internal programs as well as those being developed in collaboration with strategic partners,” said Dr Darrin M. Disley OBE, CEO.
“Existing investor commitment is a testament to our delivery of world-class science, expertise in cellular reprogramming and the unique potential of the Mogrify platform to deliver novel regenerative medicines to improve the lives of a broad spectrum of patients.”
Tadayoshi Hirata, senior investment manager at Astellas Venture Management, said: “Mogrify has made significant progress in the development and commercialization of its technology and is uniquely positioned to address a rapidly growing regenerative medicine market.
“In addition to the collaboration between our parent company Astellas Pharma Inc and Mogrify in the context of sensorineural hearing loss that began in July 2022, we are pleased to continue to support the company and its exploitation of the MOGRIFY platform as an investor.”
Alastair Kilgour, Chief Investment Officer, Parkwalk Advisors, said: “The Mogrify team continues to progress a robust scientific and commercial strategy, aligned to the USP of the technology in generating novel in vivo reprogramming therapies that have the potential to deliver transformative outcomes for patients.
“We are excited to continue supporting the leadership and scientific teams as they realise the next set of translational milestones.”