UK company raises $16m to advance cell therapies
Mogrify, a UK company attempting to transform the development of life-saving cell therapies, has raised an additional $16 million in Series A funding.
The funding will be used to support Mogrify’s internal cell therapy programmes as well as help the company employ an additional 60 staff at its facility on Cambridge Science Park.
Mogrify has developed technology which makes it possible to transform any mature human cell type into another type without going through other types of cell states. The company is developing the platform to develop cell therapies that address a range of diseases including cancer and autoimmune conditions.
The company’s technology utilises a big-data approach to identify both the transcription factors ad small molecules needed to convert a cell. The company hopes that by bypassing the stem-cell stage of cell transformation, it can address efficacy, safety and scalability concerns related to current cell therapy manufacturing processes.
Mogrify also intends to commercialise its technology platform through an out-licensing model of cell therapy assets and its cell conversion IP.
Mogrify initially launched in February this year with $3.7 million funding from investors with this latest funding bringing the total to over $20 million.
Dr Darrin M. Disley, CEO, Mogrify, said: “Following the recent announcement of Dr. Jane Osbourn, OBE, as chair of Mogrify, I am delighted we have been able to make an initial close of this fundraising round, with the backing of both existing and new investors. Due to the significant interest, we have been able to secure this growth-funding without engaging in a protracted and distracting fund-raising process. Having now raised over $20 million, we can focus on delivery of our business strategy with the support of an aligned investor group. We will continue to engage with high-calibre investors with computational biology and cell therapy domain expertise as part of our on-going investor relations and capital markets strategy.”