US-based biopharmaceutical company Miragen Therapeutics raised $41m in a series C round co-led by pharmaceutical firm Merck and investment firm Jafco yesterday.
Merck participated through corporate venturing subsidiary MRL Ventures, while drug developers EMS and Amgen invested through their respective corporate venturing units, Brace Pharma Capital and Amgen Ventures.
The corporates were joined by venture capital firms MP Healthcare Venture Management, Atlas Venture, Boulder Ventures and Remeditex Ventures, and unnamed additional backers. The round included a conversion of outstanding notes, though Miragen did not disclose further details.
Founded in 2006, Miragen is developing treatments for a range of diseases that currently face a high unmet medical need including various cardiovascular conditions.
The capital will be used to advance two drug candidates into clinical development this year. The candidates are aimed at haematological malignancies – tumours that affect the blood, bone marrow, lymph, and lymphatic system – and pathological fibrosis, which is a metabolic disorder.
The company previously closed a $21.5m series B round in February 2015 featuring Amgen Ventures, Atlas Venture, Boulder Ventures, Broadview Ventures and Remeditex Ventures.
The series B round was raised over three tranches, beginning with $6m in 2012, before Miragen added $7m in July 2014 and a final $8.5m earlier this year. Amgen Ventures also backed a $12m series A round in 2009 that included Broadview, Atlas, Boulder and the Peierls Foundation.
Joshua Resnick, president of MRL Ventures, will join Miragen’s board of directors in conjunction with the latest round.