Myricx Bio secures $114m for NMTi-ADCs development in Series A

UK-based biotech firm Myricx Bio has successfully raised £90 million ($114 million) in a Series A funding round aimed at advancing its N-Myristoyltransferase inhibitor (NMTi) antibody-drug conjugate (ADC) therapeutics to the clinical development phase. Leading the investment were Novo Holdings and Abingworth, with significant contributions from existing investors Brandon Capital and Sofinnova Partners. Additional support came from new investors, including British Patient Capital, Cancer Research Horizons, and Eli Lilly and Company.

The newly acquired funds will be directed towards expanding Myricx’s NMTi inhibitor ADC payload platform. This expansion is crucial for progressing their NMTi-ADC pipeline toward clinical proof of concept, particularly focusing on clinically validated tumour-associated antigens.

Dr. Robin Carr, CEO of Myricx Bio, expressed profound gratitude for the support from founding investors Brandon Capital and Sofinnova Partners. "Their backing was instrumental in developing our initial NMT inhibitor chemistry and proving the potential of NMTis as ADCs," said Dr. Carr. He highlighted that the new funding equips Myricx to evolve into a comprehensive research and development entity, complete with its own labs and an expanded in-house R&D team. This will enable the company to build on its NMTi ADC platform and advance its pipeline, marking its transition to a clinical-stage company.

As part of the investment deal, Michael Bauer from Novo Holdings and Lucille Conroy from Abingworth will join Myricx's board of directors. Their expertise is expected to be invaluable as the company navigates the next stages of its development.

The NMT enzyme is crucial for the survival of cancer cells, as it attaches a specific lipid modification to protein targets. Myricx’s NMTi payload chemistry platform has shown promising preclinical efficacy and safety across various solid tumour-associated antigens and cancer cell types. This platform could potentially revolutionize the field of ADCs by extending applications beyond the current standard-of-care payload classes, offering new treatment possibilities for patients.

Michael Bauer, a partner at Novo Holdings Venture Investments, remarked on the solid scientific rationale behind Myricx’s novel payload chemistry. "We believe that NMTi-ADCs have the potential to significantly broaden the spectrum of ADC applications, creating new opportunities for patient treatment options," said Bauer.

Myricx Bio’s ambitious plans and recent financial backing position it well to make substantial strides in cancer therapeutics, particularly through its innovative NMTi-ADC platform. With the resources now available, the company aims to solidify its place as a leader in this cutting-edge area of biopharmaceutical research, targeting some of the most challenging cancer types with new, highly targeted therapies. 

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