London Biotech Secures $114M for ADC Payload Development

A London-based biotechnology firm, Myricx Bio, has successfully raised $114 million in a Series A funding round, capitalizing on the growing interest in antibody-drug conjugates (ADCs) for cancer treatment. Established in 2019, Myricx aims to offer innovative solutions in the ADC space by employing a novel type of payload to target tumors more effectively.

ADCs have become a significant area of research for cancer therapies. These complex drugs are composed of a monoclonal antibody, a specific toxin dose, and a chemical linker that connects the two. Currently, more than a dozen ADCs have been approved by U.S. regulatory bodies, and over 100 clinical development programs are underway. Although initial versions of ADCs were effective at destroying tumor cells, the focus has shifted toward improving the precision and safety of these treatments.

Robin Carr, the CEO of Myricx Bio, noted that while ADCs show promising potency in preclinical models, differentiating them remains a challenge. Myricx is focusing on creating ADCs based on N-myristoyltransferase inhibitors (NMTi), which inhibit an enzyme crucial for cancer cell survival. Last year, the company acquired antibodies from Chinese firms Biocytogen and WuXi Biologics to enhance their research.

According to Carr, preclinical models demonstrated that NMTi payloads were more effective than traditional ADCs. These new ADCs also showed efficacy in cancer models designed to resist treatments based on topoisomerase inhibitors, such as AstraZeneca and Daiichi Sankyo's Enhertu and Gilead's Trodelvy.

Myricx Bio was co-founded by a team of British researchers, including Andy Bell from Exscientia, former GSK executive Roberto Solari, and Ex-Myricx chief scientific officer Ed Tate. The company initially emerged with £4.5 million in seed financing and licensed its core technology from Imperial College London, where Tate and Solari were professors. Robin Carr joined Myricx from GSK, where he managed small molecule and platform research.

Initially, Myricx aimed to develop NMTi inhibitors as standalone small molecule drugs for cancer treatment. However, after discussions with investors, the company decided to use these inhibitors as ADC payloads instead.

Early supporters of Myricx included Sofinnova Partners and Brandon Capital Partners. The Series A funding round was co-led by Novo Holdings and Abingworth, with contributions from British Patient Capital, Cancer Research Horizons, Eli Lilly, Brandon Capital, and Sofinnova. The $114 million raised will be allocated to two proof-of-concept studies and the addition of approximately 15 new employees, according to Carr.

Carr expressed his excitement about the Series A round, noting that few U.K. and European spinouts secure such substantial financing at this stage. Investor interest in ADC companies has been robust, with over $2.7 billion invested since January 2022, according to Piper Sandler. Other notable private investments include TORL BioTherapeutics' $158 million Series B and Tubulis' $139 million Series B2.

Pharmaceutical giants are also paying attention to ADC firms. AbbVie acquired ImmunoGen for $10 billion last year, and more recently, GenMab purchased ProfoundBio for $1.8 billion.

The significant capital raised and the innovative approach of Myricx Bio highlight the growing interest and potential advancements in the field of antibody-drug conjugates for cancer treatment.