LONDON, July 08, 2024 (GLOBE NEWSWIRE) -- Myricx Bio (‘Myricx’), a UK biotech company focusing on the discovery and development of a completely novel class of payloads for antibody-drug conjugates (ADCs), today announced the closing of its series A financing raising £90m ($114m). The round was co-led by new leading life science investors Novo Holdings and Abingworth. 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. The funds will be used to build out Myricx’s proprietary -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. Myricx has shown that its initial NMTi-A.
