Betagenon raised $2 million from Hong Kong-based MCG Technology Group

Betagenon, an Umeå, Sweden-based biopharmaceutical company, announced completing a$2 million capital funding round.

The money was raised from the Hong Kong-based biotech investment group MCG Technology Group.

Additionally, both parties will collaborate to test Betagenon’s AMPK activator compound in patients with heart failure with preserved ejection fraction (HFpEF). In return for further equity in Betagenon, the study will be delivered via MCG Technology Group’s related company NorthLight Life Science Solutions AB, a Scandinavian company with a focus on trials delivered via high volume, high quality clinical centers. Furthermore, both parties will negotiate a future collaboration to develop and commercialize Betagenon’s AMPK activator compounds in the Greater China region.

Betagenon, founde in 2001 by Thomas Edlund and led by CEO James Hall, is a clinical stage biotech company that develops its proprietary first in class AMPK activators as therapies for diseases and conditions associated with the global epidemic in metabolic disorders and an aging population.