UK Cell Therapy Startup Mogrify Secures $16 Million Series A Funding to Advance Proprietary Direct Cell Conversion Technology

VCBeat (WeChat ID: vcbeat) has learned that on October 14, 2019, Mogrify, a Cambridge-based UK startup pioneering revolutionary cell therapies, completed a $16 million Series A financing round. The round was led by existing investor Ahren Innovation Capital, with participation from Parkwalk Advisors, 24Haymarket, and the University of Bristol Enterprise Fund. It is reported that the company may engage in another round of transactions involving other investors thereafter, but details currently remain confidential.

Furthermore, Alice Newcombe-Ellis, Founder and Managing Partner of Ahren Innovation Capital, and Alastair Kilgour, Chief Investment Officer of Parkwalk, have joined the Mogrify board of directors.

Mogrify was founded in 2016 at the Cambridge Science Park. As a biotechnology company, Mogrify boasts fully equipped laboratories and is dedicated to its in-house cell therapy programs for osteoarthritis, ocular, and hematologic disorders.

Currently, Mogrify is continuously strengthening its corporate management and scientific teams. In May 2019, the company relocated 20 employees to its new headquarters at TusPark’s Cambridge Bio-Innovation Centre in the Cambridge Science Park. The company has begun recruiting up to 40 professionals in business, operations, and technology to support its expanding internal programs, as well as the development of new intellectual property (IP) and cell therapy initiatives with its numerous biotechnology and pharmaceutical partners.

The company has developed a proprietary direct cell reprogramming technology that enables the conversion of all mature human cell types into other types without passing through pluripotent stem cell or progenitor cell states.

Mogrify is commercializing its technology platform through a model that primarily encompasses the development and licensing of cell therapies, the development and licensing of novel cell conversion intellectual property (IP), and the establishment of joint ventures in non-core areas to develop the platform or conduct business related to novel cell conversion IP. The latest funding will support internal cell therapy programs as well as the development and licensing of novel IP associated with cell conversion technologies of broad therapeutic significance.

“Following Dr. Jane Osbourn’s recent appointment as Chair of Mogrify, I am pleased that we have completed the initial closing of this financing round, with support from both existing and new investors,” said Dr. Disley, CEO of Mogrify.

“Currently, we have raised over $20 million in funding. With the support of a distinguished investor consortium, we will be better positioned to focus on our business strategy. We will continue to collaborate with high-quality investors who possess expertise in computational biology and cell therapy, which is also part of our ongoing investor relations and capital markets strategy.”

Alice Newcombe-Ellis stated, “Mogrify’s technology has the potential to disrupt the global cell therapy market. Since February 2019, the company has expanded rapidly, appointing a world-class management team and strongly demonstrating its commitment to its business plan. Therefore, we look forward to supporting Mogrify.”

Alastair Kilgour said, “We are delighted to support the Mogrify team. The technological foundation being built by Mogrify is unique and highly disruptive. If successful, its positive impact on patient outcomes will be remarkable.”

In February 2019, Mogrify completed a $3.7 million seed financing round, which was also led by Ahren, with participation from 24Haymarket and Darrin Disley, CEO of Mogrify, and the company secured grants from Innovate UK and SBRI Healthcare.

Ahren, founded in Cambridge, UK, in 2017, is an investment fund co-established by leading British scientific entrepreneurs. Its purpose is to generate exceptional returns by investing in deep-tech companies, thereby driving positive change on a global scale.

Parkwalk, established in 2009, is a fund management company headquartered in London. Parkwalk invests in UK-based technology companies that are IP-backed and independently operated, typically spun out from British universities. The firm leverages its extensive academic, technology transfer, venture capital, and personal networks, developed over many years, to secure top-tier deal flow.

In 2017, Parkwalk merged with IP Group plc and was listed on the London Stock Exchange. As of March 2019, the net assets of the combined group amounted to £1.2 billion.

24Haymarket, established in 2012, is a portfolio company comprising private equity and venture capital investors, entrepreneurs, and senior operators. To date, 24Haymarket has invested £5 million in growth-stage companies across the UK and Europe.

(Compiled by Jiang Ying)