Clinical biotechnology company Storm Therapeutics has successfully completed a USD $30 million Series B financing round.
The investment allows the company to focus on discovering and developing novel small molecule therapies targeting RNA modifying enzymes (RMEs) for oncology and other diseases.
The financing was co-led by existing investors M Ventures, Pfizer Ventures, Taiho Ventures LLC, Cambridge Innovation Capital (CIC) and new investors Fast Track Initiative (FTI) and the UTokyo Innovation Platform Co., Ltd. (UTokyo IPC).
Dr Jerry McMahon, CEO of Storm Therapeutics, said: “Storm has had a milestone year of growth and development, bringing its potential first-in-class candidate STC-15, which targets the RNA methyltransferase, METTL3, into the clinic. The proceeds from the financing will support the ongoing multiple-ascending dose trial of STC-15 and further facilitate Storm as we advance our pipeline of products.”
A Phase I clinical study of STORM’s potential first-in-class candidate STC-15, an orally-bioavailable, highly selective METTL3 inhibitor, commenced treatment of cancer patients with solid tumours in November 2022. Initial results are anticipated to be presented in 2023.
STC-15 triggers both direct cytotoxic and immune response-based efficacy mechanisms in solid tumour and leukaemia models. Storm recently presented preclinical data at the 34th EORTC-NCI-AACR and SITC meetings, demonstrating blockade of METTL3 and effects on the innate immune response.