Millendo Therapeutics, Inc., a clinical-stage life sciences company founded in Ann Arbor in 2012, is developing novel treatments for endocrine disorders caused by hormone dysregulation. The company recently entered into an exclusive license agreement with AstraZeneca for the worldwide development and commercialization rights to MLE4901, a product candidate for the treatment of polycystic ovary syndrome (PCOS), the most common endocrine disease in women. This product has the potential to make a difference in the lives of millions of women.
In addition, Millendo secured a $62 million Series B investment led by New Enterprise Associates, Inc. The funding will be used to develop the company’s therapeutics and continue to hire great talent.
The company’s success wasn’t achieved overnight. In its early years, Millendo received critical support from Ann Arbor SPARK, a non-profit economic development organization. Millendo also received several high tech business accelerator grants, funded by the Ann Arbor-Ypsilanti SmartZone.
“Being an entrepreneur means thinking creatively to get things done. We do it because we are passionate about our work, and for me, that means imagining a therapeutic that can help millions of women around the world,” said Millendo president Julia Owens. “But making that dream a reality requires more than passion - it requires funding.”
Before Owens and her team could raise outside funding, they needed a 3-5 year financial model, and grant support through Ann Arbor SPARK paid for the company to use an experienced professional to put it together. Millendo also received grants for a logo and website template, seed financing legal fees, and several other small consulting projects. These projects helped to attract funding and talent for the team, building Millendo from startup to where it is today. In addition to grant support, Millendo used Ann Arbor SPARK’s Job Portal to find top tier talent.
“Millendo is a great example of an emerging business that tapped in to the resources available through Ann Arbor SPARK to reduce its startup costs and hit the ground running,” said Paul Krutko, president and CEO of Ann Arbor SPARK. “For many early-stage companies, there’s a trade-off between ideal timing and being able to afford marketing, legal assistance, and other activities that are important, but not critical to the company’s core mission. Business accelerator grants remove that cost burden and help these businesses maintain momentum.”
Going forward, Millendo will continue to focus on bringing its therapeutics to market to positively impact the lives of millions. “We are passionate about what we do, and focused on having talented people on our team and superior products,” Owens said. “It’s exciting to be off to a great start and to know that our future is bright.”
