Contact: Trevor Twose at 608-278-1068 or 608-332-8319
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FITCHBURG, Wis. — Mithridion, Inc, a new drug development company
focusing on Alzheimer’s disease, announced Wednesday it has received the
first portion of an anticipated $1.6 million first-funding round. The
remainder of the funding is expected over the next few months. Mithridion
will use the funds to establish laboratories, hire scientists and develop
The funding came from Rosetta Partners LLC, an investment management firm
in Lake Forest, Ill., dealing exclusively in public and private
early-stage biotechnology companies, and members of an angel investor
network, Wisconsin Investment Partners, of Madison, Wis.
“This funding enables us to begin work aimed at developing novel drugs to
stop or slow down disease progression in this devastating disorder,” said
Trevor M. Twose, PhD, the company’s CEO.
“We’ll be equipping a first-class laboratory, provided by the University
Research Park, as part of our prize from winning the 2005 Wisconsin
Governor’s Business Plan Contest, hiring up to six employees over the next
year, and starting research in the next few weeks,” he added.
The company’s technology was developed at the UW-Madison School of
Pharmacy. In June 2005, Mithridion signed a license agreement with the
Wisconsin Alumni Research Foundation (WARF), the UW’s technology transfer
arm, receiving worldwide exclusive rights to the technology. WARF is a
shareholder in the company.
Mithridion is another start-up company that is based on technology
developed at UW-Madison, patented by WARF and located in University
“WARF is looking forward to this company producing products that will
address a global health need and bring revenue back to the university,”
WARF Managing Director Carl Gulbrandsen said.
“An important part of our mission is to create and capture value for
Wisconsin from this exciting discovery made here at UW,” Twose said. “In
Mithridion, we have brought together the science, the management, and
–with the help of Rosetta and Wisconsin Investment Partners — the vital
capital to set out on this mission. Success should create not only
valuable drugs and rewards for our investors, but also contribute to the
state economy in this high-priority biomedical sector of industry.”
Mithridion was formed by Twose (through the vehicle of Biopons, a
Fitchburg-based biotechnology consulting company), Jeffrey A. Johnson,
PhD, an associate professor with the UW-Madison School of Pharmacy, and
Thor D. Stein, PhD, of the UW-Madison School of Pharmacy. Johnson and
Stein are co-inventors of the technology. Johnson serves as chief
scientific adviser to the company; Stein will join Mithridion as chief
Mithridion won the Life Sciences category in the 2005 Governor’s Business
Plan Contest, and won the overall competition in close balloting. The
second-place finisher in the contest, AquaSensors, recently announced a
$360,000 round of angel financing.
For further information:
* Mithridion — Trevor M. Twose, CEO: (608) 278-1068 or 332-8319, 2935 S.
Fish Hatchery Road, #156, Fitchburg, WI 53711
* Biopons — Terry R.
Dolan, Chairman: (520) 825-9474
* Rosetta Partners — Paul Evans, Principal: (847) 457-3990
* Wisconsin Investment Partners — Dick Leazer, Principal: (608) 832-6365
* WARF — Andrew Cohn, Government and Public Relations Manager: (608)
* UW-Madison School of Pharmacy — Linda G Dietrich. Public
Affairs: (608) 262-6343