Alzheimer’s drug developer Mithridion will expand into new treatment areas through fresh investment, the company said.
Mithridion, based in Madison, Wisconsin, said Tuesday it closed on $1.25 million from Venture Investors, The State of Wisconsin Investment Board and Rocket Ventures.
The company’s lead drug has the potential of improving memory in Alzheimer’s patients as well as perception and reasoning in schizophrenics. The drug, MCD-386CR, has completed Phase I trials. Mithridion said Tuesday it would continue to develop the drug via a partnership with “pharmaceutical or biopharmaceutical companies with the technical, manufacturing and commercial resources to address these major market opportunities.”
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The company hasn’t determined where the new research will take it. But Chief Executive Officer Trevor Twose told the Milwaukee Journal Sentinel that they might consider treating progressive supranuclear palsy or a type of early onset Alzheimer’s disease. Adding new drugs will increase the value of the company when it goes to raise additional funds.
The company has raised about $8.5 million.