Cambridge-based Mogrify, a medtech company developing proprietary technology that transforms cell research and patient treatments, has announced $16 million in Series A funding. The round was led by the original lead investor, Ahren Innovation Capital, a group of scientific entrepreneurs who fund projects in the overlap of deep science and deep tech. Parkwalk, 24Haymarket, and University of Bristol Enterprise Fund III also contributed.
Mogrify’s platform takes a systematic, big-data approach to cell conversion research. Its proprietary technology allows scientists to transform any mature human cell directly into another type of cell, without going through a stem cell, which the company says ensures a safer, more efficient, and scalable process. Specifically, the platform is developing cell therapies that address musculoskeletal, auto-immune, cancer immunotherapy, ocular and respiratory diseases.
“The science and technology base Mogrify are building is truly unique and disruptive. If successful, the positive effect on patient outcomes across a wide range of diseases will be staggering,” said Alastair Kilgour, Chief Investment Officer at Parkwalk.
Just launched in February 2019, the company’s ample funding proves it has impressed the original investors thus far. Alice Newcombe-Ellis, founder of Ahren Innovation Capital said: “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.”
The Series A will support various internal therapy programs as well as the out-licensing of intellectual property around cell conversions. The headcount of the Cambridge headquarters is tripling to 60, with new recruits for the commercial, operational, and scientific teams.
Commenting on the investment round, Mogrify’s CEO Dr. Darrin M. Disley, OBE 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 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.”