Mithridion, Inc. - Breaking new ground in drugs for Alzheimer's disease and schizophrenia

Overview and History

Mithridion focuses on the development of drugs for unmet clinical needs in serious Central Nervous System (CNS) disorders, including Alzheimer’s disease (AD) and schizophrenia.

In February 2006, Mithridion raised its first equity funding from angel investors, enabling it to commence operations, and to build a strong CNS drug research and development team. In February 2007, after receiving its first investment from a venture capital fund, Mithridion installed powerful triple-quad mass spectrometer capability for evaluating brain penetration, metabolism and pharmacokinetics of its drug candidates. In June 2008, Mithridion acquired Cognitive Pharmaceuticals Ltd (Toledo, OH), and raised its first Series B funding. In July 2008, Mithridion’s IND for MCD-386, a candidate first-in-class drug for AD cleared FDA, and the Company commenced Phase I clinical trials. Phase Ia was completed successfully in 2008. Mithridion has developed a controlled release version, MCD-386CR, which is scheduled to enter Phase Ib in 4Q/2009.

Mithridion has several products in its preclinical product pipeline.

Mithridion has raised an aggregate total of $7.4 million of equity funding to date. The Company’s headquarters and research laboratories are at the University Research Park in Madison, WI, and clinical operations are located in Toledo, OH, and Ann Arbor, MI.

For a more detailed overview, please see our Corporate Fact Sheet.

Business Model
Mithridion’s strategy is to develop drug candidates in house, then project-manage pre-IND studies and Phase I and II clinical trials, contracted out to specialist service providers (CROs). By this strategy, Mithridion seeks to create and add great value, then to realize it in the form of licensing fees and royalties, by licensing its drug candidates to pharmaceutical company partners at latest for Phase III clinical development, regulatory approval and marketing. The company aims to provide liquidity for investors through an IPO or a trade sale.