Mogrify cell therapy technology attracts further $16m funding
Mogrify, the life sciences company launched in February, has closed its Series A funding round after raising $16m, bringing inward investment to more than $20m to date.
The Cambridge company, a finalist in Start-up of the Year and The One to Watch categories at the Cambridge Independent Science and Technology Awards, aims to transform the future development and manufacture of cell therapies. Its technology enables the conversion of any source cell to any target cell of desired pharmaceutical properties without going through a stem cell or even progenitor cell state.
The latest funding round was led by existing investor Ahren Innovation Capital (Ahren), an investment fund supporting companies at the cutting edge of deep science and deep tech. Parkwalk, the largest EIS growth fund manager; 24Haymarket, an early investor in Mogrify and a prolific early-stage investment syndicate in deep tech and the life sciences, and the University of Bristol Enterprise Fund III also contributed.
The funding will accelerate Mogrify’s internal cell therapy programmes, and the development and out-license of novel IP relating to cell conversions of broad therapeutic interest. The team of 20, based at TusPark’s Cambridge Bio-Innovation Centre on Cambridge Science Park, will also be strengthened. Mogrify has begun recruiting up to 40 additional commercial, operational and scientific roles to support its expanding pipeline of internal programmes, as well as supporting numerous biotech and pharma collaborators in developing novel IP to underpin existing and new cell therapy programmes.
Dr Darrin Disley, CEO of Mogrify, said: “Following the recent announcement of Dr Jane Osbourn, 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 $20million, we can focus on delivery of our business strategy with the support of an aligned investor group.”
Alice Newcombe-Ellis, founder and managing partner, Ahren Innovation Capital, 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.”
Ms Newcombe-Ellis and Alastair Kilgour, chief investment officer at Parkwalk, both join Mogrify’s board of directors along with Dr Karin Schmitt, the company’s chief business officer.