Mito BioPharm has secured funding from Mega Hill Investment Ltd to support the start-up functions of the company. The initial investments will fund R&D activities to identify lead compounds for development, CRO-based screening testing and intellectual property filings to secure core intellectual property. Initial administrative and staffing requirements are also supported.
Mito Biopharma is currently seeking new funding to allow for rapid development of identified lead compounds with targeted IND filing anticipated in 2018. The funding goal for the current A round is up to $5M.