Myricx Funding News – Myricx Bio Secures £90m Series A Funding to Advance Novel NMTi-ADC Therapeutics into Clinical Development

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Additional new investors British Patient Capital (a wholly owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank), Cancer Research Horizons and Eli Lilly and Company also participated alongside 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.

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The funds will be used to build out Myricx’s proprietary N-Myristoyltransferase inhibitor (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 is advancing a pipeline of ADCs to address serious unmet needs in oncology based on its NMTi payload chemistry platform and has demonstrated excellent preclinical efficacy and safety across multiple solid tumour-associated antigens and cancer cell types.

Maina Bhaman, Partner at Sofinnova Partners, said: “We’ve been strong supporters of Myricx Bio since its inception, recognising the potential of its NMT inhibition platform. We are delighted to be joined by Abingworth, Novo Holdings, Lilly, Cancer Research Horizons and British Patient Capital as we continue to champion Myricx’s ability to harness the enormous potential of ADC payloads. With these expanded resources, Myricx is poised to fully leverage its NMTi-ADC platform, advancing both its own pipeline and strategic partnerships.”

Myricx Bio CEO, Dr Robin 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.”

Myricx has already begun the process of attracting top talent to the company. In 2023, it appointed Chris Martin, a renowned biotech company founder, director and entrepreneur, and co-founder of ADC Therapeutics SA (NYSE: ADCT), to the Board of Directors as its independent non-executive Chair. It also appointed Francesca Zammarchi PhD, previously Head of Preclinical Pharmacology at ADC Therapeutics, as its Chief Scientific Officer, and Robert McLeod MD, ex-Daiichi Sankyo, as VP Clinical Development, both of whom bring considerable ADC experience.

About Myricx Bio

Myricx Bio is a UK biotech company focused on the discovery and development of a completely novel class of payloads for antibody-drug conjugates (ADCs), based on inhibitors of N-Myristoyltransferases (NMT) for the treatment of cancer. Based in London, Myricx is a spin out from Imperial College London and the Francis Crick Institute with investment from Abingworth, Brandon Capital Partners, British Patient Capital, Cancer Research Horizons, Eli Lilly and Company, Novo Holdings, and Sofinnova Partners.

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