Two Lead Drug Development Programs Of MuriGen Therapeutics To Be Enhanced By AUD$5 Million Investment By Starfish Ventures
- Wednesday, January 3, 2007, 9:50
- Pharma Industry
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MuriGen Therapeutics, a drug discovery and development company originally spun-out from the Walter and Eliza Hall Institute of Medical Research, has announced the successful completion of a AUD$5 million investment by leading Australian venture capital firm, Starfish Ventures.
Dr Nick Samaras, MuriGen’s Chief Executive Officer, said, “We are very pleased to have attracted a high quality investor such as Starfish Ventures. This investment round will enable us to progress our two lead drug development programs in inflammation and thrombocytopenia and to pursue new opportunities.â€
MuriGen’s flagship program is the development of a new class of drugs that target arthritis and other inflammatory diseases. This program is being undertaken in collaboration with Zenyth Therapeutics, a leading Australian biotechnology company.
MuriGen’s drug discovery platform is central to a number of collaborative initiatives focused on the discovery of novel drug targets for thrombocytopenia and other blood conditions, epilepsy, thalassemia and certain inflammatory conditions. “MuriGen’s drug discovery platform has been further validated by a significant recent discovery of the mechanism controlling survival of certain blood cellsâ€, said Dr Samaras.
Dr Michael Panaccio, Investment Principal, Starfish Ventures stated “Starfish was impressed by MuriGen’s high quality development programs, proprietary drug discovery platform and, the track record and caliber of MuriGen’s team. We are delighted to be working in partnership with the MuriGen team and Australia’s preeminent medical research institute, the Walter and Eliza Hall Instituteâ€.
Dr Julian Clark, Head of Business Development, the Walter and Eliza Hall Institute stated “We are delighted at MuriGen’s success in attracting such significant Series A funding. MuriGen has served as an excellent model for the Institute in how to accelerate the translation of late stage research projects into development opportunities through engagement with strategic partnerships.â€
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