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The money is part of a $20 million Series B round raised in 2012. That round, Leverone said, was set up to come in in three separate tranches. The first $6 million came in 2012. Leverone said the final $6 million will likely come in the next 12 to 18 months depending upon how fast the company moves certain programs into clinical trials.
“There weren’t any specific milestones,” Leverone said. “It’s just the way the equity was structured. We didn’t need all of the money at once.”
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MiRagen, a 35-employee company based in Gunbarrel, on Wednesday announced that it was extending its collaboration with French pharmaceutical company Servier for the research, development and commercialization of drugs targeting cardiovascular disease. Servier is funding those efforts, while MiRagen retains the commercialization rights to those drugs in the United States and Japan.
Leverone said the extension with Servier is independent of the latest Series B funding installment. That money, he said, will be used to advance MiRagen assets that are not part of the Servier deal.
In addition to cardiovascular disease, MiRagen has programs focused on fibrosis and cancer drugs, though Leverone said the company has yet to disclose which specific targets they’re working on advancing to clinical development. Some of the Series B money would also be used, Leverone said, for general and administrative expenses.
Remeditex Ventures, Atlas Ventures, Boulder Ventures, Amgen Ventures and Broadview Ventures were the main participants in the Series B funding.