ICG, the global alternative asset manager, today announced that its Life Sciences team, together with Amplitude Ventures, has led an oversubscribed $76m Series B financing for Mediar Therapeutics, Inc. (“Mediar” or “the Company”), a clinical-stage biotechnology company advancing first-in-class therapies designed to halt fibrosis.
Proceeds from the financing will support the continued clinical advancement of Mediar’s portfolio of anti-fibrotic therapeutics, including MTX-474 an Eprhrin B2 antibody, entering into Phase 2 clinical trials for the treatment of systemic sclerosis, MTX-463 currently in a global clinical study for the treatment of idiopathic pulmonary fibrosis in collaboration with Lilly, and MTX-439 which is progressing toward first-in-human evaluation for fibrosis associated with chronic kidney disease. The Series B round will also enable the Company to further expand its differentiated platform across multiple disease areas.
This investment builds on ICG Life Sciences’ track record of creating and building life science companies addressing unmet needs for patients with limited or no treatment options, following recent investments in Draig Therapeutics and Grey Wolf Therapeutics, as well as the successful realisation of Amolyt Pharma.
Dr Allan Marchington, Head of ICG Life Sciences, commented:
Fibrosis remains an area of significant unmet medical need, and Mediar’s strategy of targeting core disease drivers underpins its differentiated approach. We are pleased to co-lead this financing and support a platform driven by strong science and disciplined execution, with the potential to deliver meaningful impact for patients.
Dr Peter Kiener, Venture Partner, ICG Life Sciences, added:
We have been thoroughly impressed by Rahul’s leadership and the Mediar team’s ability to advance a complex fibrosis portfolio with rigor and focus. Mediar’s progress across multiple programs, including its collaboration with Lilly, reflects a thoughtful development strategy and reinforces our confidence in the Company’s ability to execute as its therapies continue to advance through clinical studies.
Dr Rahul Ballal, Chief Executive Officer of Mediar, said:
Today’s announcement marks an important inflection point for Mediar, building on our strong clinical progress to date as well as our commitment to delivering innovative treatments to patients suffering from fibrotic diseases. With the support of a high-quality group of new and existing investors co-led by ICG, this financing enables us to continue advancing multiple anti-fibrotic programs through clinical development, bringing new treatment options closer to patients.
In conjunction with the financing, Dr Allan Marchington will join the Mediar board of directors, along with Bharat Srinivasa, PhD of Amplitude Ventures. The Series B round also included participation from new investors Longwood Fund, Asahi Kasei Pharma Ventures, and Alexandria Real Estate Equities (ARE), as well as existing Series A investors.
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For further information please contact:
Clare Glynn
Head of Corporate Communications
+44 20 3545 1395
[email protected]
Maisie Le Masurier
Corporate Communications
+44 20 3545 1624
[email protected]
About ICG
ICG (LSE: ICG) is a global alternative asset manager with $124bn* in AUM and more than three decades of experience generating attractive returns. We operate from over 20 locations globally and invest our clients’ capital across Structured Capital; Private Equity Secondaries; Private Debt; Credit; and Real Assets. Our exceptional people originate differentiated opportunities, invest responsibly, and deliver long-term value. We partner with management teams, founders, and business owners in a creative and solutions-focused approach, supporting them with our expertise and flexible capital. For more information visit our website and follow us on LinkedIn.
*As at 30 September 2025.
About Mediar Therapeutics
Mediar Therapeutics is pioneering a new approach to fibrosis treatment that aims to halt the disease at a different source – the myofibroblast, the key pathogenic cell in fibrosis that drives scarring, disease progression, and ultimately organ failure. Mediar was founded based on a deep understanding of the complex science underlying fibrosis progression. By combining novel targets with reliable, easily detectable blood biomarkers and familiar modalities, Mediar’s goal is to bring forward novel anti-fibrotic therapies that potentially have a precision medicine approach. For more information, contact [email protected] or follow us on LinkedIn.
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