Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Migco Secures Funding to Develop Migraine Drug

Migco Pharmaceuticals Secures First Round Funding to Develop Migraine Drug

Press release, Migco Pharmaceuticals Ltd, 11-Dec-07, Christchurch, New Zealand: Migco Pharmaceuticals has secured NZ$1m from experienced New Zealand business angel investor, Movac Ltd. The funds will used to obtain approval from the US Food and Drug Administration (FDA) to trial Migco’s compound, codenamed MGX-008, for migraine prevention and to prepare for a formal clinical trial.

Migco was assisted on the shape and size of investment offer by Pacific Channel Ltd, who also advised on investor selection as there was significantly more interest generated than could be accepted.

Further staged funding of NZ$5M will be sought by Migco in six to 12 months to undertake its clinical trials programme.

Migco CEO Larry Stenswick says the funding will allow it to accelerate its drug development programme.

“It is a major step toward our goal of providing an effective treatment for those who suffer from debilitating migraine headaches. We have been very encouraged by results to date, and are especially pleased that the Movac group has invested in our vision. They have a proven track record in supporting successful emerging companies,” says Larry.

Movac director David Beard will join the Migco Board. He says Movac was committed to investing in early stage companies focused on meeting unmet needs.

“We look for the right business plans, management, passion and drive to succeed internationally. Migco Pharmaceuticals meets these criteria,” says David.

About Migco
Migco Pharmaceuticals Ltd is focused on developing and bringing to market innovative therapeutic products that will significantly improve the lives of those suffering from migraine. For more information visit .

About Movac
Movac Ltd is a privately funded and owned angel investor group based in Wellington, New Zealand. We work with entrepreneurs and early stage companies to help them convert their ideas for high growth ventures into profitable, sustainable businesses with the potential to yield good dividend returns. For more information visit .


© Scoop Media

Business Headlines | Sci-Tech Headlines


ScoopPro: Helping The Education Sector Get More Out Of Scoop

The ScoopPro professional license includes a suite of useful information tools for professional users of Scoop including some specifically for those in the education sector to make your Scoop experience better. More>>

Big Tax Bill Due: Destiny Church Charities Deregistered

The independent Charities Registration Board has decided to remove Destiny International Trust and Te Hahi o Nga Matamua Holdings Limited from the Charities Register on 20 December 2017 because of the charities’ persistent failure to meet their annual return obligations. More>>

57 Million Users' Data: Uber Breach "Utterly Preventatable"

Cybersecurity leader Centrify says the Uber data breach of 57 million customer and driver records - which the ride-hailing company hid for more than a year - was “utterly preventable”. More>>

Scoop 3.0: How You Can Help Scoop’s Evolution

We have big plans for 2018 as we look to expand our public interest journalism coverage, upgrade our publishing infrastructure and offer even more valuable business tools to commercial users of Scoop. More>>

Having A Cow? Dairy Product Prices Slide For Fourth Straight Auction

Dairy product prices fell at the Global Dairy Trade auction, retreating for the fourth straight auction amid signs of increased production... Whole milk powder fell 2.7 percent to US$2,778 a tonne. More>>


Statistics: Butter At Record $5.67/Block; High Vegetable Prices

Rising dairy prices have pushed food prices up 2.7 percent in the year to October 2017, Stats NZ said today. This followed a 3.0 percent increase in the year to September 2017. More>>


Science: New Research Finds Herbicides Cause Antibiotic Resistance

New University of Canterbury research confirms that the active ingredients of the commonly used herbicides, RoundUp, Kamba and 2,4-D (glyphosate, dicamba and 2,4-D, respectively), each alone cause antibiotic resistance at concentrations well below label application rates. More>>


  • Bill Bennett on Tech