Causeway Therapeutics Secures £8.75M for Phase 2 Trial of Tendinopathy Therapy

Causeway Therapeutics, a University of Glasgow spin-out specializing in tendon disease has raised £8.75M from investors to to advance development of microRNA therapeutics. The company will conduct an international Phase 2 clinical trial of its lead compound, TenoMIR in lateral epicondylitis (tennis elbow). 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 included existing investors Mediqventures, Scottish Enterprise and Glasgow University Holdings Ltd. Professor Declan Doogan said: -One in ten people will suffer from tendinopathy during their lifetime. There is no approved therapy for tendinopathy-this is a neglected area with a high degree of unmet medical need. TenoMIR has shown positive effects in the first human trial. "These Phase I 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, Professor Doogan will become Causeway's Executive Chair.