An Imperial College spin-out has landed £90 million in Series-A funding backed by heavyweight investors, including an offshoot of the British Business Bank (BBB).
Myricx Bio, the recipient of this funding, is at the forefront of developing innovative cancer treatments.
The round was co-led by Novo Holdings, the venture arm of Danish giant Novo Nordisk (NYSE:NVO), and Abingworth, the life science investor, with additional contributions from British Patient Capital (part of BBB), Cancer Research Horizons, Eli Lilly, and founding investors Brandon Capital and Sofinnova Partners.
Myricx's focus is a new class of therapies known as antibody-drug conjugates. These treatments work by using antibodies, which are proteins produced by the immune system, to deliver drugs directly to cancer cells.
This method aims to specifically target and destroy cancer cells while minimizing damage to healthy cells, thus reducing side effects.
The core technology involves inhibiting an enzyme called N-Myristoyltransferase (NMTi). This attaches a fat molecule to certain proteins, a modification that is crucial for the survival and growth of cancer cells.
By blocking this enzyme, Myricx aims to prevent cancer cells from thriving and make them more susceptible to treatment.
Preclinical studies have shown promising results, with Myricx's treatments achieving complete and lasting tumour regressions in various types of solid cancers.
As part of the financing, Michael Bauer from Novo Holdings and Lucille Conroy from Abingworth will join Myricx Bio’s Board of Directors. Their experience and insights are expected to be invaluable as the company progresses with its research and development efforts.
The funding will enable Myricx to continue advancing its pipeline of treatments, bringing these potentially life-saving therapies closer to clinical use and offering new hope to patients with challenging-to-treat cancers.
The company's CEO, Dr Robin Carr, said: "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.”