Myricx Bio Announces £90m ($114m) Series A Financing to Advance its Novel NMTi-ADC Therapeutics into Clinical Development
- £90m ($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 Bio's 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 London's 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 Directors
LONDON, 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 £90m ($114m). The round was co-led by new leading life science investors Novo Holdings and Abingworth. Additional new investors British Patient Capital (a wholly owned commercial subsidiary of British Business Bank plc, the UK government's 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 Myricx's Board of Directors.
The funds will be used to build out Myricx's 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. Myricx is advancing a pipeline of ADCs to address serious unmet needs in oncology based on its NMTi payload chemistry platform and has demonstrated excellent preclinical efficacy and safety across multiple solid tumour-associated antigens and cancer cell types.
Myricx has shown that its initial NMTi-ADCs achieve complete and durable tumour regressions, at well-tolerated doses, in multiple solid cancer models that are refractory to Topo1i-based ADCs. 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. The scientific rationale behind its novel payload chemistry gives us confidence that NMTi-ADCs have the potential to greatly expand the current repertoire of ADC applications beyond the current standard-of-care payload classes, creating opportunities for new treatment options for patients. This investment reflects our strategy of investing in highly innovative and high impact biotechs, and we look forward to supporting the progress of Myricx through the clinic."
Lucille Conroy, Principal at Abingworth, said: "We were impressed by the compelling preclinical data validating Myricx's first-in-class payload platform based on NMT inhibition. We are pleased to co-lead the investment with Novo Holdings and to be working with the company to advance its NMTi-ADC candidates to address serious unmet needs in oncology by offering new options to patients."
Jonathan Tobin, Partner at Brandon Capital, said: "Having recognised the potential of NMT inhibitors as a powerful ADC payload, what Robin and the Myricx team have generated to validate that potential over the past year is truly impressive. Together with Sofinnova, we are delighted to welcome the new investors into this series A financing to join us in supporting Myricx to become a significant player in the ADC space."
Maina Bhaman, Partner at Sofinnova Partners, said: "We've been strong supporters of Myricx Bio since its inception, recognising the potential of its NMT inhibition platform. We are delighted to be joined by Abingworth, Novo Holdings, Lilly, Cancer Research Horizons and British Patient Capital as we continue to champion Myricx's ability to harness the enormous potential of ADC payloads. With these expanded resources, Myricx is poised to fully leverage its NMTi-ADC platform, advancing both its own pipeline and strategic partnerships."
Myricx was founded by Prof. Ed Tate, Dr Roberto Solari and Dr Andrew Bell. Dr Robin Carr joined the team from GSK in 2019 and has spearheaded the company's pivot from a focus on NMTi as small molecule drugs to their potential as ADC payloads. Myricx now has the resources to grow from a virtual company into a fully-fledged R&D company with its own laboratories and an in-house R&D team, with expanded management capabilities. Currently located in the London Kings Cross biotech hotspot and with foundations in London, having spun out of Imperial College London and the Francis Crick Institute, Myricx is committed to significant growth and executive presence in London.
Myricx Bio CEO, Dr Robin Carr said: "I am truly grateful for the support of our founding investors Brandon Capital and Sofinnova Partners as we developed our initial NMT inhibitor chemistry and demonstrated the potential of NMTis as ADCs. I am delighted to welcome our new investors and thank them for their support as we enter our next phase of development. Myricx now has the resources to grow into a fully-fledged R&D company with our own laboratories, and an in-house R&D team with expanded management capabilities. Consequently, we are well positioned to build on our NMTi ADC platform and advance our pipeline as we become a clinical stage company."
Myricx has already begun the process of attracting top talent to the company. In 2023, it appointed Chris Martin, a renowned biotech company founder, director and entrepreneur, and co-founder of ADC Therapeutics SA (NYSE:ADCT), to the Board of Directors as its independent non-executive Chair. It also appointed Francesca Zammarchi PhD, previously Head of Preclinical Pharmacology at ADC Therapeutics, as its Chief Scientific Officer, and Robert McCleod MD, ex-Daiichi Sankyo, as VP Clinical Development, both of whom bring considerable ADC experience.
Notes to Editors:
About Myricx Bio - www.myricxbio.com
Myricx Bio ("Myricx") is a UK biotech company focused on the discovery and development of a completely novel class of payloads for antibody-drug conjugates (ADCs), based on inhibitors of N-Myristoyltransferases (NMT) for the treatment of cancer.
NMT is an enzyme that adds a specific lipid modification to a number of protein targets that are key to cancer cell survival. Myricx is advancing a pipeline of ADCs to address serious unmet needs in oncology based on its NMT inhibitor (NMTi) payload chemistry platform and has demonstrated excellent preclinical efficacy and safety across multiple solid tumour-associated antigens and cancer cell types.
Based in London, Myricx is a spin out from Imperial College London and the Francis Crick Institute with investment from Abingworth, Brandon Capital Partners, British Patient Capital, Cancer Research Horizons, Eli Lilly and Company, Novo Holdings, and Sofinnova Partners.
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About Novo Holdings A/S – www.novoholdings.dk
Novo Holdings is a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation. The purpose of Novo Holdings is to improve people's health and the sustainability of society and the planet by generating attractive long-term returns on the assets of the Novo Nordisk Foundation.
Wholly owned by the Novo Nordisk Foundation, Novo Holdings is the controlling shareholder of Novo Nordisk and Novonesis and manages an investment portfolio with a long-term return perspective. In addition to managing a broad portfolio of equities, bonds, real estate, infrastructure and private equity assets, Novo Holdings is a world-leading life sciences investor. Through its Seeds, Venture, Growth, and Principal Investments teams, Novo Holdings invests in life science companies at all stages of development.
As of year-end 2023, Novo Holdings had total assets of EUR 149 billion.
About Abingworth - www.abingworth.com
Abingworth is a leading transatlantic life sciences investment firm and part of the global investment firm Carlyle (NASDAQ:CG). Abingworth helps transform cutting-edge science into novel medicines by providing capital and expertise to top calibre management teams building world-class companies. Since 1973, Abingworth has invested in over 185 life science companies, leading to 50+ M&As and more than 75 IPOs. Our therapeutic focused investments fall into three categories: seed and early-stage, development stage, and clinical co-development. Abingworth supports its portfolio companies with a team of experienced professionals at offices in London, Menlo Park (California), and Boston.
About Cancer Research UK and Cancer Research Horizons - www.cancerresearchhorizons.com
Cancer Research UK (CRUK) is one of the world's largest non-profit investors in cancer research. CRUK has built a network of 4,000 exceptional scientists and now funds over £350 million of world-class academic research each year that has the potential to change the way we prevent, diagnose and treat cancer. Cancer Research Horizons (CRH), CRUK's innovation arm, offers the full spectrum of translational expertise, from drug discovery and clinical capabilities, translational funding and entrepreneurial training to licensing, industry collaboration and start up creation expertise. It has played a role in the creation of 79 start-ups, with its portfolio companies raising over £3 billion in total capital. Its dedicated Ventures team focuses on early stage, high-risk companies, including one of the most challenging stages of start-up creation: attracting early-stage risk capital. The Ventures team manages the CRH Seed Fund, launched in June 2022, to accelerate more breakthroughs to patient benefit.
About Brandon Capital – www.brandoncapital.vc
Brandon Capital is Australasia's leading life sciences venture capital firm, with offices in Australia, New Zealand, the US and the UK. Its unique model includes proprietary deal flow through Brandon BioCatalyst, a collaboration of over 50 of ANZ's leading medical research institutions, and its immersive corporate services structure enables portfolio companies to focus on research commercialisation. With more than 25 active companies in its portfolio, Brandon Capital has been sourcing and supporting the transition of world-leading science into world-leading businesses for nearly two decades.
About Sofinnova Partners - www.sofinnovapartners.com
Sofinnova Partners is a leading European venture capital firm in life sciences, specializing in healthcare and sustainability. Based in Paris, London and Milan, the firm brings together a team of professionals from all over the world with strong scientific, medical and business expertise. Sofinnova Partners is a hands-on company builder across the entire value chain of life sciences investments, from seed to later-stage. The firm actively partners with ambitious entrepreneurs as a lead or cornerstone investor to develop transformative innovations that have the potential to positively impact our collective future.
Founded in 1972, Sofinnova Partners is a deeply-established venture capital firm in Europe, with 50 years of experience backing over 500 companies and creating market leaders around the globe. Today, Sofinnova Partners has over €2.8 billion under management.
For further information please contact
At the Company
Dr Robin Carr, CEO, Myricx Bio, info@myricxbio.com
Media Enquiries
Sue Charles, Charles Consultants, sue@charles-consultants.com, +44 (0)7986 72658
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