(Reuters) - Biotech unicorn Modern Therapeutics said on Thursday its heart drug, developed along with British drugmaker AstraZeneca, met the main goal in an early-stage trial.
The company, which develops drugs based on molecule known as messenger RNA, said AstraZeneca has submitted a clinical trial application in Europe for a mid-stage study of the drug, mRNA AZD-8601, in patients undergoing coronary artery bypass grafting (CABG) surgery.
Messenger RNA (mRNA) carries the recipe for making proteins inside the body. Using it as a medicine could offer a new way to tackle many hard-to-treat diseases, from cancer to infections to heart and kidney disorders.
AstraZeneca first invested $240 million in 2013 to access Moderna's know-how in manipulating RNA, or ribonucleic acid, which helps create proteins inside cells - another example of CEO Pascal Soriot placing a bet on new science. (reut.rs/2h1kbzW)
In 2016, AstraZeneca invested another $140 million in Moderna, which already has a cash pile of around $1 billion.
Reporting by Akankshita Mukhopadhyay in Bengaluru; Editing by Arun Koyyur