MISSION Therapeutics Raises £60 million to Progress Development of Novel DUB Inhibitors from Innovative Drug Platform

Feb 02, 2016, 02:05 ET from MISSION Therapeutics

CAMBRIDGE, England, February 2, 2016 /PRNewswire/ --

Woodford Patient Capital Trust joins existing syndicate supporting transition to clinical development 

MISSION Therapeutics, a drug discovery and development company focused on selectively targeting deubiquitylating enzymes to treat cancer, neurodegenerative and other diseases, today announced it has raised £60 million. The financing was jointly led by Imperial Innovations Businesses LLP ("Innovations") and new investor Woodford Patient Capital Trust Plc ("WPCT"), with follow-on investment from existing shareholders Sofinnova Partners, SR One, Roche Venture Fund and Pfizer Venture Investments.

The £60 million will enable MISSION to maximize the potential of its world leading DUB platform and advance a series of first-in-class small molecule drugs candidates targeting specific DUBs into clinical development.

Anker Lundemose, Chief Executive Officer, MISSION Therapeutics commented: "MISSION Therapeutics has attracted one of the highest profile investor syndicates in Europe. We welcome WPCT and thank our existing investors for their continued support. This is strong endorsement of our unique discovery platform and will enable us to maximize the potential of multiple lead compounds for diverse therapeutic indications. 2016 will see us progress our advanced programs into regulatory preclinical development and deepen our pipeline, from a position of increased financial strength."

Rob Woodman, Director of Healthcare Ventures, Imperial Innovations added: "We believe MISSION's world-class DUB platform has the potential to deliver innovative treatments in indications of high unmet need including neurodegenerative diseases and cancer. The investor group are pleased to support the creative management team in realising the full potential of the ground-breaking discovery chemistry as MISSION enters its next, clinically-centred stage of growth."

DUBs are involved in multiple cellular processes, including DNA damage and cell proliferation, and 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.

NOTES TO EDITORS: 

About MISSION Therapeutics  

MISSION Therapeutics was founded in 2011 to commercialise expert research into the ubiquitin pathway for the treatment of cancers and non-malignant disease. It has built a world-leading platform for the discovery and development of first-in-class, small molecule drugs that selectively target deubiquitylating enzymes (DUBs) - an emerging, and hitherto intractable, drug class that is attracting significant commercial interest as the potential 'Next Kinase Area'.

DUBs are involved in multiple cellular processes, including DNA damage and cell proliferation, and 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.

MISSION's leadership team has a wealth of international, commercial and scientific experience and the company has strong links with key academic and research centers including Cancer Research UK laboratories and the Gurdon Institute, University of Cambridge. Professor Steve Jackson at Cancer Research UK laboratories and the Gurdon Institute, University of Cambridge is the scientific founder of MISSION and is the Chief Scientific Officer of the Company.

The Company has to date received £27 million in venture capital from a blue chip syndicate comprising institutional (Sofinnova Partners, Imperial Innovations) and corporate (SR One, Roche Venture Fund and Pfizer) investors and is based at the Babraham Research Campus, south of Cambridge.

About Woodford Patient Capital Trust 

WPCT is the £800 million investment trust launched in April 2015 by Woodford Investment Management LLP ("Woodford"). The trust invests mainly in early-stage and early-growth companies but also has exposure to some blue-chip companies. Woodford is a fast-growing asset management company built on a founding philosophy of transparency and simplicity. Launched in May 2014, the company has more than £14bn assets under management. Further information can be found at https://woodfordfunds.com

CONTACT:

MISSION Therapeutics Ltd
Anker Lundemose MD PhD
Chief Executive Officer
Tel +44-1223-497199

Hume Brophy
Mary Clark, Eva Haas, Hollie Vile
Email: missiontherapeutics@humebrophy.com
Tel: +44-207-862-6390

SOURCE MISSION Therapeutics