Nammi Therapeutics Secures Series B Funding from MMRF's Myeloma Investment Fund

Nammi Therapeutics, Inc. (Nammi) has announced a significant investment commitment of $1 million by the Myeloma Investment Fund (MIF) as part of a $30 million Series B financing round. This funding is set to support the upcoming first-in-human Phase 1 study of Nammi's leading program, QXL138AM, aimed at treating patients with locally advanced unresectable and/or metastatic solid tumors and multiple myeloma.

QXL138AM is a novel Masked Immunocytokine (MIC) that integrates a masked interferon alpha (IFNa) with an antibody targeting the CD138 protein on tumor cell surfaces. The designed mechanism allows QXL138AM to bind to tumor cells, where proteases on the cell surface remove the mask from the IFNa, enabling it to attach to its receptor. This process initiates direct tumor cell destruction and activates both innate and adaptive anti-tumor immunity. Preclinical studies have shown QXL138AM to be highly effective against more than ten different tumor types, including multiple myeloma, with complete tumor regression observed at doses as low as 0.1 mg/kg. Based on this promising data, Nammi has received Orphan Drug Designation from the FDA for treating multiple myeloma.

David Stover, Ph.D., President and CEO of Nammi, highlighted the critical need for novel therapies in the multiple myeloma field, despite advancements in bispecific and cell therapies. He expressed excitement about partnering with MIF and the Multiple Myeloma Research Foundation (MMRF), leveraging their expertise to expedite the development of QXL138AM. Stover emphasized the shared goal of enhancing patient outcomes through this innovative therapy.

With MIF's investment, Nammi expects the $30 million Series B financing round to be fully subscribed upon its completion, coinciding with the treatment of the first patient with QXL138AM. Michael Andreini, President and CEO of MMRF, remarked on the significance of Nammi's technology in advancing therapeutic options for the myeloma patient community. He expressed enthusiasm for supporting Nammi's Phase 1 trial, underscoring the importance of exploring this promising new immunotherapy approach.

Nammi Therapeutics, Inc. is an immuno-oncology company based in Los Angeles, focused on developing platforms and products that specifically activate anti-tumor immunity within the tumor microenvironment while minimizing systemic immune activation. This approach aims to enhance safety and facilitate the combination of multiple immune modulators. Beyond the MIC platform, Nammi has also developed a nanoparticle platform for delivering Immune Modulating Prodrugs (IMPs) via their Nammisome technology. Several clinical candidates using the Nammisome technology have been selected for development.

The Myeloma Investment Fund (MIF) is a venture philanthropy fund dedicated to investing in promising oncology companies, clinical assets, and technologies to advance new therapies for multiple myeloma. Supported entirely by philanthropy, MIF collaborates closely with portfolio companies to push forward multiple myeloma research. All profits are reinvested into research to develop more effective treatments, with the ultimate goal of finding a cure for every patient.

The Multiple Myeloma Research Foundation (MMRF) is the largest nonprofit organization worldwide focused solely on accelerating a cure for every multiple myeloma patient. The MMRF drives the development of next-generation therapies, leverages data for personalized treatment approaches, and provides information and resources to extend the lives of myeloma patients. Committed to advancing health equity, the MMRF ensures that all patients benefit from scientific and clinical advancements. Since its inception, the MMRF has committed over $600 million to research, launched nearly 100 clinical trials, and helped bring more than 15 FDA-approved therapies to market, thereby tripling the life expectancy of myeloma patients.

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