Mironid, a Glasgow-based biopharmaceutical company, employing 16 staff including scientists, has secured an £8.4m equity investment from the Scottish National Investment Bank. This gives the company further breathing space to progress towards the commercialisation of its science.

Three years ago, the company based in Arbuthnott Building, in Cathedral Street, announced that it had raised £35m of Series A funding since its inception, when Roche Venture Fund joined the existing investor group. The company has now stated it has raised a further £34m for Series B funding. To support its international work, Mironid has invested in setting up Mironid Inc which is incorporated in Delaware in the United States.

However,  the share structure has been changed to assist the Scottish company. The existing investors have committed to providing additional funding to the company totalling £16.9m, which included the £8.4m from the Bank.

The funding is split into three tranches with performance obligations attached. According to the firm’s financial statements, the performance obligations relating to the first and second tranches had been met and 432,075 Series B shares of £0.0001 each had been issued in return for proceeds of £12.5m.  In addition, £17m of convertible loan notes have been converted, along with accrued interest totalling £1,362,762, in return for 846,304 Series B shares of £0.0001 each.

In the company’s race to develop its novel solution, the firm has announced investment loses of £8.1 million in 2025, and £6.6m in year to 28 February 2026. In total, the firm has trade losses of £23 million.

The Bank’s injection of liquidity joins this existing investor group including Roche Venture Fund, Epidarex Capital, Sofinnova Partners, BioGeneration Ventures, and the University of Strathclyde.

The capital will support clinical development of Mironid’s small molecule therapeutics for the treatment of Autosomal Dominant Polycystic Kidney Disease (ADPKD), a life-threatening hereditary kidney disease. 

 ADPKD is one of the more prevalent rare diseases and the most common hereditary kidney disorder but there are limited options for treatment. It is characterised by uncontrolled growth of fluid-filled cysts, and Mironid’s small molecule LoAc® drug candidates directly target the abnormally high kidney cAMP levels that drive cyst formation.

 Neil Wilkie, CEO of Mironid said: “ADPKD is the most common hereditary kidney disorder, affecting over 12 million people worldwide, with 50 per cent of patients developing kidney failure by the age of 60.”

The disease is caused predominantly by mutations in the PKD1 or PKD2 gene causing the growth of fluid-filled cysts in the kidney. Mutations in the genes cause a small signalling molecule called cAMP, to accumulate abnormally inside kidney cells. That excess cAMP is the central signal that drives cells to divide, and fluid to build up, and cysts to grow.

Wilkie said securing funding from such a high-calibre syndicate is a validation of the approach to treating kidney diseases such as ADPKD.

“This financing will allow us to progress the clinical development of our lead candidate, bringing us closer to transforming the treatment landscape for patients with rare kidney diseases.”

Mironid was founded through collaboration involving the University of Strathclyde and Heriot-Watt University.

Under CEO Neil Wilkie, it has progressed a series of drug development programmes that target specific enzymes to generate novel and differentiated therapies for a range of diseases.

Paul Callaghan, director of investment at the Bank, said: “Our investment in Mironid reflects our commitment to backing impactful Scottish businesses with high-growth potential.  Mironid exemplifies Scotland’s growing reputation for biotech innovation, developing a new treatment approach that could improve options for people living with kidney disease. 

“We are pleased to join a committed group of investors to support the company through this critical stage of development, helping it translate world-class research into clinical progress, commercial opportunity and potential patient benefit.”

 The Bank’s has made a commitment to scaling innovative Scottish firms and is supporting Mironid’s ambitions as it advances its novel therapy.