Funding
Imperial Innovations Group plc, the quoted technology transfer arm of Imperial College London, has led a £5.6 million funding round in Myotec Therapeutics Ltd, to fund the development of treatment for muscle wasting diseases.
Imperial Innovations is putting in £2.8 million, while co-investor Invesco Perpetual also provided £2.8 million.
Myotec is developing treatments for the wasting diseases, cachexia and sarcopenia. The money will enable the company to progress its lead product, MT-102, into two Phase II clinical studies in 2010.
The first clinical study will be for the treatment of cancer cachexia, the second in the treatment of sarcopenia, the age-related muscle wasting disease that affects over 20 per cent of people by the time they reach the age of 60.
The company was founded around the work of Stefan Anker, who is now professor of Cardiology and Cachexia Research, at Charité Hospital in Berlin and Andrew Coats, now Deputy Vice-Chancellor, University of Sydney, Australia.
Imperial Innovations has been involved in setting up the company, with Chief Executive John Beadle helping form Myotec whilst an Entrepreneur in Residence at Imperial. Imperial Innovations also supported Myotec in securing patents on its technologies and acquiring a licence to clinical data for MT-102, which was previously in Phase II trials in a different indication.
Following the investment, Innovations will hold a 47.2 per cent stake in Myotec.
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