Posted August 10, 2020
USM Maryland Momentum Fund Invests $250,000 in $3.5M Seed Round of miRecule Inc.
Biotech company is developing breakthrough RNA therapies for cancer and muscular dystrophy
Baltimore, MD. (Aug. 10, 2020) -- The University System of Maryland (USM) Momentum Fund has invested $250K in miRecule, an emerging biotech company with a cutting-edge discovery platform to create RNA therapeutics alongside theFSHD Society as a co-investor. This investment is complemented by recent funding raised over the past year, which includes lead investor Alexandria Venture Investments as well as Pathway Bioventures, Alumni Ventures Group, and angel investors. In total, miRecule’s seed round raised more than $3.5M in private seed funding. In addition to its private investments miRecule has also been awarded a non-dilutive $2M Phase II Small Business Innovation Research (SBIR) grant from the National Cancer Institute.
miRecule’s DREAmiRTM discovery platform was developed through more than a decade of research in collaboration with the National Institutes of Health in Bethesda, Md. DREAmiR analyzes genomic and outcome data from thousands of patients to identify the underlying genetic abnormalities causing a disease in an individual patient. The company then creates an RNA therapeutic to directly target and fix the abnormality. miRecule is applying this platform to a variety of diseases, developing lifesaving RNA therapeutics for cancer, muscular dystrophy, and even COVID-19.
Read the full release from the University System of Maryland.