Cambridge Innovation Capital plc has participated in the £18.4 million Series B financing for Morphogen-IX Limited, a biotechnology company focused on the development of bone morphogenetic proteins (BMPs) for the treatment of pulmonary arterial hypertension (PAH).

This investment will support formal preclinical development of the company’s lead candidate, MGX292. MGX292 is a protein-engineered variant of BMP9 that has proven highly efficacious and safe in extensive preclinical studies. MGX292 is the first agent with the potential to be disease-modifying and to transform the lives of patients with PAH.

Nick Morrell, Morphogen-IX co-founder and CEO, said: “This major investment, following closely on the nomination of MGX292 as our drug candidate, will support the next critical steps of preclinical development and take us all the way through to completion of Phase II studies over the next 3-4 years. MGX292 has major disease-modifying capability that is badly needed for patients suffering from pulmonary arterial hypertension.”

Robert Tansley, Operating Partner at Cambridge Innovation Capital, commented: “CIC is delighted to continue to support Morphogen-IX, a company built on the world-leading science of Professor Morrell and his team at the University of Cambridge, to advance this potentially transformative medicine into the clinic.”