Myricx Bio Announces £90m ($114m) Series A Financing to Advance its Novel NMTi-ADC Therapeutics into Clinical Development
Summary
\xa390m ($114m) series A co-led by new leading life science investors Novo Holdings and Abingworth Additional new investors British Patient Capital, Cancer Research Horizons and Lilly participated alongside founding investors Brandon Capital and Sofinnova Partners Funds will be used to build out Myricx Bios proprietary N-Myristoyltransferase inhibitor (NMTi) antibody-drug conjugate (ADC) payload platform and advance its pipeline of NMTi-ADCs through clinical proof of concept targeting clinically validated tumour-associated antigens Company to establish laboratory operations in Londons biotech hub, and expand its management and R&D teams Michael Bauer from Novo Holdings and Lucille Conroy from Abingworth will join Myricx Bio Board of DirectorsLONDON, July 08, 2024 (GLOBE NEWSWIRE) -- Myricx Bio (Myricx), a UK biotech company focusing on the discovery and development of a completely novel class of payloads for antibody-drug conjugates (ADCs), today announced the closing of its series A financing raising \xa390m ($114m). Additional new investors British Patient Capital (a wholly owned commercial subsidiary of British Business Bank plc, the UK governments economic development bank), Cancer Research Horizons and Eli Lilly and Company also participated alongside founding investors Brandon Capital and Sofinnova Partners.In connection with the financing, Michael Bauer from Novo Holdings and Lucille Conroy from Abingworth will join Myricxs Board of Directors.The funds will be used to build out Myricxs proprietary N-Myristoyltransferase inhibitor (NMTi) ADC payload platform and to advance its pipeline of NMTi-ADCs through clinical proof of concept targeting clinically validated tumour-associated antigens.NMT is an enzyme that adds a specific lipid modification to several protein targets that are key to cancer cell survival. In addition, these NMTi-ADCs demonstrate potent bystander activity, and deliver high efficacy in patient-derived xenograft (PDX) organoid models across a broad range of antigen expression levels.Michael Bauer, Partner in the Venture Investments group at Novo Holdings, said: Myricx has gained unique insights into the biology of NMT and its orthogonal and differentiated mechanism. We are delighted to be joined by Abingworth, Novo Holdings, Lilly, Cancer Research Horizons and British Patient Capital as we continue to champion Myricxs ability to harness the enormous potential of ADC payloads. Dr Robin Carr joined the team from GSK in 2019 and has spearheaded the companys pivot from a focus on NMTi as small molecule drugs to their potential as ADC payloads.