Mironid raises $46M to push rare kidney disease drug into the clinic

Glasgow-based biopharmaceutical company Mironid has raised $46 million in a Series B round to advance clinical development of its lead treatment for Autosomal Dominant Polycystic Kidney Disease (ADPKD). The financing was led by new investor Scottish National Investment Bank, alongside existing backers.

Existing investors Roche Venture Fund, Epidarex Capital, Sofinnova Partners, BioGeneration Ventures, and the University of Strathclyde all joined the round.

Mironid develops small molecule therapeutics targeting ADPKD, the most common hereditary kidney disorder, which affects over 12 million people worldwide. Its first-in-class LoAc molecules directly target cyclic AMP (cAMP), which drives the growth of fluid-filled cysts in the kidney.

Half of ADPKD patients develop kidney failure by age 60, and treatment options remain limited. Preclinical data showed reductions in cyst number and kidney volume, and the proceeds will fund clinical development of the company's lead candidate.

"This financing will allow us to progress the clinical development of our lead candidate, bringing us closer to transforming the treatment landscape for patients with rare kidney diseases," said chief executive officer Neil Wilkie.

At $46 million, Mironid's round sits in the upper tier of funding deals by size. The backing from a syndicate that includes Roche Venture Fund and a state-owned investment bank points to Scotland's growing standing in biotech and continued investor appetite for rare disease therapeutics.