Myricx Bio announces £90m ($114m) Series A financing

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UK biotech Myricx Bio has raised £90 ($114) million Series A financing to support the development of its N-Myristoyltransferase inhibitor (NMTi) antibody-drug conjugate (ADC) therapeutics.

The round was co-led by new investors Novo Holdings and Abingworth, with additional support from British Patient Capital, Cancer Research Horizons and Eli Lilly, plus 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 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’s pipeline of ADCs have so far 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.

Imperial College spin-out

Myricx was founded by Professor Ed Tate, Dr Roberto Solari and Dr Andrew Bell. Dr Robin Carr joined the team from GSK in 2019 and lead the company’s pivot from a focus on NMTi as small molecule drugs to their potential as ADC payloads.

The company is located in the London Kings Cross biotech hotspot, having spun out of Imperial College London and the Francis Crick Institute.

Myricx Bio CEO, Dr 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.”

Diana Spencer, Senior Digital Content Editor, DDW

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