Cambridge based biotech company Mogrify has secured $16 million in Series A capital. The latest financing has been led by Ahren Innovation Capital with participation from Parkwalk, 24Haymarket, and the University of Bristol Enterprise Fund III.
Prior to this roFnd, Mogrify secured $4 million in seed financing from Ahren Innovation Capital, Darrin Disley, and 24 Haymarket. The total amount raised by the firm now stands at $20 million. Alice Newcombe-Ellis, the founder and managing partner at Ahren along with Parkalk Alastair Kilgour are set to join the board of Mogrify as part of the funding.
Founded in 2016 by Jose Polo, Julian Gough, Owen Rackham, the firm has developed a proprietary direct cellular conversion technology that allows a mature human cell type to any other without having the need of going through a pluripotent stem cell- or progenitor cell-state. It is also working on systematizing the development of novel cell therapies in areas like regenerative medicine.
Darrin Disley, the CEO of the firm talking about the funding said, “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 the delivery of our business strategy with the support of an aligned investor group. We will continue to engage with high-caliber investors with computational biology and cell therapy domain expertise as part of our on-going investor relations and capital markets strategy.”
Newcombe-Ellis commenting on the funding said, “Mogrify’s technology is well-positioned to disrupt the global cell therapy market. The Company has grown rapidly since February, appointing a world-class management team and delivering strongly against its business plans. We look forward to supporting Mogrify as it continues to go from strength to strength.”
Kilgour, the chief business officer at Parkwork noted that "We are delighted to be supporting the team at Mogrify, many of whom have been involved successfully with companies we have previously invested in, in this investment round. The science and technology base Mogrify is building is truly unique and disruptive. If successful, the positive effect on patient outcomes across a wide range of diseases will be staggering.”
Image Courtesy : Mogrify