Myotec Therapeutics Ltd, a London, UK-based company developing a pipeline of small molecule therapeutics for the treatment of the wasting diseases, cachexia and sarcopenia, has raised £5.6m in a funding round.
Participants in the round included Imperial Innovations Group plc. and Invesco Perpetual, which provided each £2.8m.
The capital infusion will fund the development of novel treatments in the field of wasting diseases.
In particular, the investment will enable Myotec 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 clinical study will be for the treatment of sarcopenia.
Following the investment, Imperial Innovations will hold a 47.2% stake in Myotec. Simon Kerr, Director Bioscience Ventures at Imperial Innovations has joined the board of the company.