Novo Holdings announces that it has co-led a £90 million ($114 million) Series A financing for Myricx Bio, the largest European biotech Series A financing 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 funds will be used to advance Myricx’s proprietary pipeline of N-Myristoyltransferase inhibitor (NMTi) ADCs through clinical proof of concept, targeting clinically validated tumour-associated antigens and addressing serious unmet needs in oncology. Led by a team of drug hunters and internationally renowned scientists with small molecule and ADC drug development experience and outstanding track records of success, Myricx is a spinout from Imperial College London and the Francis Crick Institute. The Company will establish laboratory operations in London and expand its Management and R&D teams.
Michael Bauer, Partner, Venture Investments, Novo Holdings said, “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.”
In connection with the financing, 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.
Dr Robin Carr, CEO, Myricx Bio added, “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.”
NMT is an enzyme that adds a specific lipid modification to several protein targets key to cancer cell survival. 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. In addition, 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 plc, the UK government’s economic development bank and Eli Lilly & Company, and current investors Sofinnova Partners and Brandon Capital.