Mirna Therapeutics Gains $1.5M In Equity Funding

Mirna Therapeutics, Inc. will be looking into further research and product development with the help of their most recent equity funding round worth $1.5 million.

They have also enjoyed  a couple of successful financing rounds from the Texas Emerging Technology Fund back in 2009 (worth $5 million) and in 2010 from the Cancer Prevention & Research Institute of Texas (CPRIT) (worth $10.3 million).

The company CEO Dr. Paul Lammers, MD, MSc has provided us more information about Mirna Therapeutics in this recent e-interview with Lead411:

Who are your competitors and how are you different from them?

There are several companies working in the microRNA (miRNA) space, the
majority of which are still in the discovery and preclinical development
phase, just like Mirna Therapeutics. Several key companies to mention:
Regulus Therapeutics and MiRagen. We are different because we have taken
a different approach, what we call miRNA Replacement Therapy, very much
akin hormone replacement therapy: we have identified several key miRNAs
that are under-expressed in major human cancer types (lung, prostate,
colon, breast, liver, etc.) leading to the occurrence, outgrowth and
dissemination (metastases) of tumors. By replacing those miRNAs we are
able to affect and control numerous cancer pathways, thereby bringing
tumor development, growth and metastasis back under control. The others
are focusing either on different diseases (e.g., MiRagen) or are
focusing on over-expressing miRNAs in cancer (Regulus Therapeutics).

What percentage of your marketing budget are spent on the following?

A. Advertising -
B. Social Media Marketing -
C. SEO -
D. PR -
E. Direct Marketing -
F. Other -

As we don’t have any products even close to the market, all of our
efforts and funding is dedicated to research and development programs.

What do you plan to spend your new funding on? Product development? Marketing?

All of our efforts and funding is dedicated to research and development
programs, i.e., new product development.

If this is your first round of financing and you’re the CEO, how
many hours did you put into working on getting your financing? Was that taking up the most of your day?

We have been fortunate that Mirna has received to date approximately $ 15
million in government and state funding, in addition to the recent raise
of $ 1.5 million. Obviously, fund raising is one of the key objectives
for a CEO, so I did spend many hours on it, together with several other
key members of our team.

If you are the CEO, what are your biggest challenges?

Fund raising in a tough financing environment, and having to decide on
how and where to best allocate resources.

How many employees do you have?

The Mirna Team is 12 people strong.

When were you founded?

Mirna Therapeutics was founded in late 2007.

Want to know more about their most recent funding? Check out their press release here.