10 Jul Mithridion enters first clinical trial in wake of financing, acquisition
Madison, Wis. — Mithridion (more articles) has leveraged the acquisition of an Ohio biotech company to move into its first clinical trial for a drug that might slow or stop the processes that kill brain cells in patients with Alzheimer’s disease.
Last month, Mithridion acquired Cognitive Pharmaceuticals of Toledo, Ohio, and its MCD-386 drug candidate, and received an additional $2.3 million in staged venture financing. Both firms had similar experience and had been developing drugs, but MCD-386 was closest to reaching clinical trials. The combined firm, with headquarters and preclinical operations in Madison and clinical drug development operations in Toledo, has moved quickly to get there.
As usual, the first-phase clinical trial will test the safety of the drug but not its effectiveness.
The market for Alzheimer’s drugs exceeds $4 billion, with 5 million Americans affected, but Mithridion predicts a $10 billion market within the foreseeable future, driven by an aging population and new drug availability.
See also: Mithridion, Cognitive Pharmaceuticals to merge