Life science investor Novo Holdings announced that it has co-led a £90 million ($114 million) Series A financing for Myricx Bio, the largest European biotech Series A funding this year. Myricx Bio is a UK biotech company focusing on the discovery and development of a novel payload class for antibody-drug conjugates (ADCs).
The funding will be used to advance Myricx’s proprietary pipeline of N-Myristoyltransferase inhibitor (NMTi) ADCs through clinical proof of concept, targeting clinically validated tumor-associated antigens and addressing serious unmet needs in oncology. Headed by a team of drug hunters and internationally renowned scientists with small molecule and ADC drug development experience and track records of successes, Myricx is a spinout from Imperial College London and the Francis Crick Institute. The company will be establishing laboratory operations in London and expand its Management and R&D teams.
In connection with the funding, Michael Bauer will join the Myricx Board of Directors. Additionally, Max Klement, Principal, Venture Investments, Novo Holdings, will join the Myricx Board as an Observer.
NMT is an enzyme that adds a specific lipid modification to a number of protein targets key to cancer cell survival. And the ADC field is currently dominated by two key payload classes, microtubule and topoisomerase inhibitors, with patients susceptible to the acquired resistance leading to the need for greater payload diversification with a novel, orthogonal and differentiated mechanism of action.
Myricx has shown that NMTi ADCs achieve complete and durable tumor regressions, at well tolerated doses, in multiple solid cancer models that are refractory to topoisomerase inhibitor-based ADCs. And 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.
Novo Holdings co-led the financing together with Abingworth, with additional new investors British Patient Capital (BPC), a wholly owned commercial subsidiary of British Business Bank, the UK government’s economic development bank and Eli Lilly & Company and current investors Sofinnova Partners and Brandon Capital.
KEY QUOTES:
“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.”
- Michael Bauer, Partner, Venture Investments, Novo Holdings
“We welcome our new investors, including Novo Holdings, 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 Bio Chief Executive Officer, Dr Robin Carr
