Myricx Bio Announces $114 Mn Series A Financing Led by Novo Holdings & Others

The substantial funding is expected to boost Myricx Bio’s proprietary pipeline of N-Myristoyltransferase inhibitor (NMTi) ADCs towards clinical proof of concept. 

Myricx Bio has bagged a whopping $114 million Series A financing led by Denmark-based Novo Holdings, marking the largest European biotech Series A financing this year. 

This investment saw the participation of new investors such as British Patient Capital (BPC), a subsidiary of British Business Bank plc, and Eli Lilly & Company. Existing investors Sofinnova Partners and Brandon Capital also contributed to this round.

The substantial funding is expected to boost Myricx Bio’s proprietary pipeline of N-Myristoyltransferase inhibitor (NMTi) ADCs towards clinical proof of concept. These ADCs aim to target tumor-associated antigens, addressing unmet needs in oncology. 

Further, Myricx Bio will use the funds to establish laboratory operations in London and expand its management and R&D teams.

Michael Bauer, partner venture investments at 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."

New Leadership Roles

As part of the financing agreement, Michael Bauer will join Myricx Bio’s board of directors. Additionally, Max Klement, principal at Venture Investments, Novo Holdings, will join as an observer on the board. 

This strategic addition aims to strengthen the company’s leadership and drive its research and development initiatives.

Commenting on the same, Dr Robin Carr, CEO of Myricx Bio, 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."

Scientific Advancements in ADCs

NMT is an enzyme crucial to cancer cell survival, adding a specific lipid modification to various protein targets. Current ADC treatments mainly rely on microtubule and topoisomerase inhibitors, often leading to acquired resistance. Myricx Bio’s NMTi ADCs, however, offer a novel mechanism of action that addresses this resistance.

Preclinical studies have shown promising results for NMTi ADCs. They have achieved complete and durable tumor regressions at well-tolerated doses in multiple solid cancer models resistant to topoisomerase inhibitor-based ADCs. 

Additionally, NMTi ADCs demonstrated potent bystander activity and high efficacy in patient-derived xenograft (PDX) organoid models across a broad range of antigen expression levels.