Myricx Bio Raises £90m in Series A Funding to Advance Novel Cancer Treatment Platform

Myricx Bio, a UK biotech company specializing in the development of innovative payloads for antibody-drug conjugates (ADCs), has successfully closed its series A financing round, raising £90m ($114m). The funding round was co-led by prominent life science investors Novo Holdings and Abingworth, with participation from new investors British Patient Capital, Cancer Research Horizons, and Eli Lilly and Company, as well as existing investors Brandon Capital and Sofinnova Partners.

The funds raised will be utilized to expand Myricx Bio’s proprietary N-Myristoyltransferase inhibitor (NMTi) ADC payload platform and advance its pipeline of NMTi-ADCs through clinical proof of concept, targeting clinically validated tumor-associated antigens. NMT is an enzyme that plays a crucial role in the survival of cancer cells. Myricx Bio’s ADCs have demonstrated excellent preclinical efficacy and safety across various solid tumor-associated antigens and cancer cell types. In multiple solid cancer models that are resistant to Topo1i-based ADCs, Myricx’s NMTi-ADCs have shown complete and durable tumor regressions at well-tolerated doses. These ADCs also exhibit potent bystander activity and high efficacy in patient-derived xenograft (PDX) organoid models across a wide range of antigen expression levels.

Michael Bauer, Partner in the Venture Investments group at Novo Holdings, expressed confidence in Myricx Bio’s unique insights into the biology of NMT and its differentiated mechanism. He believes that the company’s novel payload chemistry has the potential to expand the current repertoire of ADC applications, offering new treatment options for patients. The investment reflects Novo Holdings’ strategy of supporting highly innovative and impactful biotech companies.

Lucille Conroy, Principal at Abingworth, commended Myricx Bio’s first-in-class payload platform based on NMT inhibition, citing compelling preclinical data. She expressed enthusiasm for co-leading the investment with Novo Holdings and working with Myricx Bio to address unmet needs in oncology and provide new options for patients.

The series A financing will also result in the addition of Michael Bauer from Novo Holdings and Lucille Conroy from Abingworth to Myricx Bio’s Board of Directors. This further strengthens the company’s leadership and expertise in advancing its NMTi ADC platform.

Myricx Bio, founded by Prof. Ed Tate, Dr. Roberto Solari, and Dr. Andrew Bell, has recently attracted top talent to its team. Notably, Chris Martin, co-founder of ADC Therapeutics, joined as the independent non-executive Chair of the Board of Directors. The company also appointed Francesca Zammarchi, previously Head of Preclinical Pharmacology at ADC Therapeutics, as Chief Scientific Officer, and Robert McCleod, formerly of Daiichi Sankyo, as VP Clinical Development.

With the successful series A funding, Myricx Bio plans to establish laboratory operations in London’s biotech hub, expand its management and R&D teams, and become a fully-fledged R&D company. The company is committed to significant growth and executive presence in London, building on its foundations at Imperial College London and the Francis Crick Institute.

In summary, Myricx Bio’s series A financing round, co-led by Novo Holdings and Abingworth, has provided the company with substantial funding to advance its novel NMTi ADC platform. With promising preclinical data and a strong pipeline, Myricx Bio aims to address unmet needs in oncology and offer new treatment options for cancer patients.

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