Myricx Bio raises £90 million in Series A funding round

Biography of Myricxa London, UK-based biotechnology company focused on the discovery and development of a new class of antibody-drug conjugates (ADCs) payloads, has raised £90 million ($114 million) in Series A funding.

The round was led by Novo Holdings and Abingworth, with new investors British Patient Capital (BPC), Eli Lilly & Company, and current investors Sofinnova Partners and Brandon Capital joining.

Founded by Prof. Ed Tate, Dr. Roberto Solari and Dr. Andrew Bell and led by CEO Dr. Robin Carr, Myricx Bio is a UK biotechnology company focused on the discovery and development of an entirely new class of antibody-drug conjugate (ADC) payloads based on inhibitors of N-myristoyltransferases (NMT) for the treatment of cancer.

NMT is an enzyme that performs specific lipid modification on a number of protein targets that are critical for cancer cell survival. The ADC space is currently dominated by two major classes of drugs: microtubule and topoisomerase inhibitors. Patients susceptible to acquired resistance require greater drug diversification with a novel, orthogonal and differentiated mechanism of action.

Myricx has demonstrated that NMTi-ADCs achieve complete and durable tumor regressions at well-tolerated doses in several solid cancer models that are refractory to topoisomerase inhibitor-based ADCs. In addition, 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.

The Company intends to use the funds to advance its proprietary pipeline of N-myristoyltransferase inhibitor (NMTi) ADCs through clinical proof of concept, targeting clinically validated tumor-associated antigens and addressing unmet needs in oncology.

Myricx is a spin-off of Imperial College London and the Francis Crick Institute. The company will build laboratories in London and expand its management and R&D teams.

FinSMEs

08.07.2024