Myosin Therapeutics, a biotechnology company developing therapies for cancer and neurological disorders, has closed its second seed funding round, raising more than $3 million.
The seed funding round was led by existing DeepWork Capital, Florida Opportunity Fund, and Mint12 Pharma, along with Dynagrow Capital. Mayo Clinic Ventures and The Sontag Innovation Fund, which is focused on accelerating solutions to change the standard of care in brain cancer, also participated in the round.
Founded in 2020, Myosin, is based in Jupiter and was spun out of The Herbert Wertheim UF Scripps Institute. The startup is on a mission to address critical unmet medical needs through the development of therapies that target the root causes of diseases and to bring innovative therapies to patients with cancer and substance use disorders. To advance its therapies, Myosin has also received “significant” funding from the National Institutes of Health and the company raised $3 million in seed funding in 2023, according to Pitchbook.
Myosin is developing therapies for neuroscience and oncology indications using a platform that targets molecular nanomotor proteins. The company has been developing its lead compound, MT-125, to treat glioblastoma, the most aggressive brain cancer with an average survival time of 8 months. MT-125 targets a molecular nanomotor, blocking both tumor growth and invasion, the company said.
Last year, the FDA granted orphan drug designation to MT-125 for malignant gliomas, and the funding will allow the company to initiate a Phase 1b trial, said Dr. Courtney Miller, Myosin’s CEO and co-founder.
The company is also working on MT-110, which treats methamphetamine use disorder, or MUD. Millions worldwide suffer from MUD, yet no FDA-approved treatments exist. The new funding along with NIH support will support MT-110’s Phase 1 clinical trials.
“Myosin Therapeutics exemplifies a well-run organization, consistently achieving key milestones to advance MT-125 and MT-110. Their dedication to innovative treatments for devastating conditions is inspiring, and we are confident in their ability to deliver meaningful solutions to patients,” said Dave Adams, co-founder of Mint12 Pharma.
Medical technology is a leading sector for venture capital both in the state and in South Florida. In Palm Beach, Broward and Miami-Dade counties, medtech companies, including biotech, healthtech and medical device makers, raised $572 million in venture capital in 2024.
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