Myosin Therapeutics Closes Seed Round to Continue Development of Innovative Therapies for Glioblastoma and Stimulant Use Disorder
16 Mar 2023
Myosin Therapeutics Inc., a biotechnology company leveraging its innovative platform technology to identify new molecular entities capable of selectively targeting nanomotor proteins, announced today that it supplemented its National Institutes of Health (NIH) funding with a seed funding round to advance the company's lead programs on glioblastoma and stimulant use disorder.
Myosin Therapeutics, Inc. (the "Company") is developing its lead compound, MT-125, to treat glioblastoma, which is a highly aggressive form of brain cancer with a 95% fatality rate and limited treatment options available. In early models, MT-125 has shown that it can simultaneously arrest cancer cell division and migration, and therefore could be a first-in-class therapy. The Company believes that this funding should allow it to reach IND filing for MT-125.
Stimulant use disorder, which includes dependence on drugs such as methamphetamine and cocaine, affects millions of people worldwide, is associated with significant morbidity and mortality, and has no FDA-approved treatments. The Company believes that this capital infusion along with existing funding from the National Institute of Health should provide the funding needed to advance Myosin Therapeutics' other lead compound, MT-110, for stimulant use disorders through Phase 1 clinical trials.
"We are excited to receive this funding, which will allow us to rapidly advance our first-in-class treatments for glioblastoma and stimulant use disorder, two devastating conditions that lack effective treatments," said Dr. Courtney Miller, co-founder of Myosin Therapeutics. "Our platform for targeting the largely untapped families of nanomotor proteins represents a unique and promising strategy for oncology, in particular."
The seed funding round was led by Mint12 Pharma, LLC, with participation from the University of Florida Ventures, DeepWork Capital, and the Florida Opportunity Fund. Mint12 Pharma's Managing Partner, Dave Adams, said, "We are thrilled to partner with Myosin Therapeutics to develop innovative therapies for these two conditions that currently lack effective treatment. Myosin's nanomotor platform has tremendous potential and we look forward to seeing the company's progress in the coming years."
About Myosin Therapeutics.
Myosin Therapeutics is a Jupiter, FL-based biotechnology company spun out of The Herbert Wertheim UF Scripps Institute (formerly Scripps Research, Florida) focused on develop therapies for central nervous system and oncology indications with a platform for targeting molecular nanomotor proteins. The company's lead programs for glioblastoma and stimulant use disorder target myosin motor proteins, which play a critical role in a wide range of cellular processes. Myosin Therapeutics was founded in 2020 by Drs. Courtney Miller, Patrick Griffin, and Theodore Kamenecka. To learn more about the company, please visit www.myosintherapeutics.com.
Mint12 Pharma invests in new patented core pharmaceutical and biotech technologies that have the potential to address fast growing and underserved markets with no current FDA approved therapies by providing financing, placing new executive management to support existing scientific leadership, and governance oversight. Mint12 Pharma provides Seed and Series A financing to companies and is led by an experienced team of Pharma/Biotech operators and investing professionals.
SOURCE Myosin Therapeutics Inc.
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