TLDR:
- Myricx Bio raised £90m ($114m) in Series A financing to advance its NMTi-ADC therapeutics
- Funds will be used to develop the NMTi antibody-drug conjugate platform and advance pipeline
Myricx Bio, a UK biotech company, has secured £90m ($114m) in Series A financing led by Novo Holdings and Abingworth. The additional new investors include British Patient Capital, Cancer Research Horizons, and Lilly. The funding will support the development of Myricx’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 tumor-associated antigens. The company plans to establish laboratory operations in London’s biotech hub and expand its management and R&D teams.
The NMT enzyme is crucial for cancer cell survival, and Myricx is working on a pipeline of ADCs to address unmet needs in oncology using the NMTi payload chemistry platform. The company has shown promising preclinical efficacy and safety across various cancer types. The unique approach of NMTi-ADCs has the potential to expand treatment options for patients beyond the current standard-of-care payload classes.
Investors like Novo Holdings and Abingworth are impressed by Myricx’s innovative payload platform and are confident about its potential in the ADC space. With the additional resources from the Series A financing, Myricx aims to leverage its NMTi-ADC platform and advance both its pipeline and strategic partnerships. The company, founded by Prof. Ed Tate, Dr Roberto Solari, and Dr Andrew Bell, is now poised to become a significant player in the ADC space with a focus on London for growth and development.
Key appointments, such as Chris Martin as independent non-executive Chair, Francesca Zammarchi PhD as Chief Scientific Officer, and Robert McCleod MD as VP Clinical Development, bring considerable ADC experience to Myricx. With a solid foundation and strong support from investors, Myricx is well-positioned to advance its innovative therapeutics and make a significant impact in the field of oncology.
