Millendo Therapeutics, Inc. (previously known as Atterocor, Inc.), an Ann Arbor, Michigan-based biopharmaceutical company focused on developing novel approaches for the treatment of orphan and specialty endocrine diseases, secured a $62m Series B funding.
The round was led by New Enterprise Associates with participation from new investors Roche Venture Fund, Adams Street Partners, Altitude Life Science Ventures, Longwood Fund, and Renaissance Venture Capital Fund, along with current investors Frazier Healthcare Partners, Osage University Partners, 5AM Ventures, and the Regents of the University of Michigan under the MINTS Program (Michigan Investment in New Technology Startup). In conjunction with the financing, Tracy Saxton of the Roche Venture Fund will join Millendo’s Board of Directors and Carol Gallagher will represent New Enterprise Associates, shifting from her role as an independent board member.
Led by Julia Owens, President and CEO, Millendo Therapeutics is focused on developing a portfolio of disease-modifying treatments for endocrine disorders caused by hormone dysregulation. Clinical programs are designed to address:
– Polycystic Ovary Syndrome (PCOS) – the most common endocrine disease in women,
– Adrenocortical Carcinoma (ACC) – a rare endocrine malignancy of the adrenal cortex,
– Congenital Adrenal Hyperplasia (CAH) – a recessive genetic defect of cortisol synthesis, and
– Endogenous Cushing’s Syndrome (CS) – a condition resulting from chronic cortisol excess.
The company also announced that it has entered into an exclusive license agreement with AstraZeneca for the worldwide development and commercialization rights to AZD4901, a product candidate for the treatment of polycystic ovary syndrome (PCOS), the most common endocrine disease in women. The company will develop the compound as MLE4901, a Neurokinin 3 receptor (NK3R) antagonist that acts to diminish GnRH hyperpulsatility and luteinizing hormone (LH) pulse frequency.
In exchange, AstraZeneca will receive an upfront payment and take an equity stake in Millendo, development and commercial milestone payments and is eligible to receive royalties on net product sales.
MLE4901 was developed on AstraZeneca’s Open Innovation platform, a program that allows the clinical development of compounds that do not fall under its R&D core focus areas.
FinSMEs
05/01/2015