miRagen Therapeutics announced a Series C Preferred Stock financing with gross proceeds of $41 million, including conversion of outstanding notes. miRagen plans to use the proceeds from the financing to advance two product candidates, MRG-106 and MRG-201, into clinical development this year.
“We have made significant advances in translating cutting-edge science into important new medicines,” said William Marshall, chief executive officer of miRagen. “With this new investment, the team at miRagen has the financial resources to advance two product candidates into clinical development that offer potentially transformative therapies for patients who suffer from hematological malignancies and pathological fibrosis.”
The financing was co-led by MRL Ventures, a venture fund of Merck, known as MSD outside the United States and Canada, and JAFCO Co., Ltd, who were joined by other new investors Brace Pharma Capital and MP Healthcare Venture Management. Existing investors Atlas Venture, Boulder Ventures, Remeditex Ventures, Amgen Ventures, and others, also participated in the financing.
In conjunction with the financing, Joshua Resnick, M.D., president of MRL Ventures, will join the miRagen Board of Directors.
“As an entrepreneur, executive, life-science venture capitalist, and a physician, Josh brings a valuable combination of experiences to miRagen,” added Marshall. “On behalf of miRagen, we are delighted to welcome him to the Board.”
“Evidence is increasingly pointing to the potential of microRNAs as potential targets for therapeutic intervention,” said Dr. Resnick. “I look forward to working with the miRagen leadership team to advance the company’s portfolio of product candidates.”