Causeway Therapeutics, a University of Glasgow spin-out specialising in tendon disease, has raised £8.75m to conduct an international phase two clinical trial of its lead compound.
Professor Declan Doogan, an experienced pharmaceutical executive, biotech entrepreneur and an alumnus of the University of Glasgow Medical School, led the round of investment, which also included existing investors Mediqventures, Scottish Enterprise and Glasgow University Holdings.
Doogan said: “One in 10 people will suffer from tendinopathy during their lifetime, but here is no approved therapy - this is a neglected area with a high degree of unmet medical need.
“TenoMIR has shown positive effects in the first human trial. These first phase results were truly impressive and gave me the confidence to lead this financing round personally and to take an active role in the company’s operations.”
As part of this round, Doogan will become Causeway’s executive chair.
TenoMIR is a therapy that mimics a natural small RNA molecule called microRNA-29a (miR29a). Injury-induced loss of miR-29a in damaged tendons is a critical factor in the development of tendinopathy. Treatment with TenoMIR restores cellular miR-29a, switching off disease pathways active in tendinopathy.
In a recent study, TenoMiR appeared safe and well tolerated in patients with lateral epicondylitis - also known as tennis elbow.
Causeway’s co-founder and chief executive Dr Derek Gilchrist, another Glasgow alumnus, said: “Based on our previous studies, we were confident that TenoMIR would improve symptoms associated with tendinopathy.
“As a company, we’re excited by the potential of TenoMIR; however, as someone with tennis elbow, I also understand its importance from the perspective of a future patient.
“Securing investment allows Causeway to continue TenoMiR’s development in a phase two multi-centre trial in the US, Netherlands, and UK; which is a significant step towards TenoMiR’s ultimate approval for the treatment of tendinopathy.”
Professor Iain McInnes, Causeway co-founder and head of the College of Medical, Veterinary and Life Sciences at the University of Glasgow, commented: “It is gratifying to see the progress this team has made since the company was spun out of the university.
“Causeway has been supported by the University and its commercialisation team by both grants and equity, starting with a 2015 Scottish Enterprise Proof of Concept Grant and continuing to GU Holdings’ participation in this recent equity raise.
“It is my hope that Causeway can become a pillar of a Glasgow start-up ecosystem and a Scottish biotech unicorn.”
Professor Neal Millar, professor of orthopaedics at the University of Glasgow and Causeway Therapeutics co-founder, personally led the successful phase one trial and will be principal investigator for the upcoming clinical trial.
“We have designed this Phase 2 trial to be acceptable as one of two randomised and well-controlled trials which will be required to register TenoMIR as a new drug,“ he explained. “We took pains to include centres across the world and to specifically include subpopulations of athletes and normal patients.
“Our phase one trial used ultrasound tissue characterisation as an endpoint in an interventional trial, and I am excited to continue exploring how this novel imaging modality can help us understand how repairing tendon structure impacts the course of disease.”
This development team is based primarily in Glasgow, but supported by an experienced board of experienced drug developers in the UK and the US.
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