MBrace pulls in $85 million to spur development of ADCs
14 Nov 2023
ADCPhase 1
MBrace Therapeutics said Tuesday that it bagged $85 million in an oversubscribed Series B round, bringing its total raise so far to $110 million. Funds will be used to support clinical development programmes for antibody-drug conjugates (ADCs) against difficult-to-treat cancers, including a first-in-human trial of its lead investigational ADC candidate MBRC-101.
The company, which was founded in 2020, said preclinical data for MBRC-101 will be presented early next month at the San Antonio Breast Cancer Symposium (SABCS). The drug targets the EphA5 receptor tyrosine kinase, which is present in multiple cancers, including non-small-cell lung (NSCLC), colorectal, gastric and pancreatic cancers.
Aside from pushing ahead with development of MBRC-101, MBrace is working on advancing its proprietary SPARTA antibody discovery approach. The platform combines an in vitro screening step of a naïve human antibody library against tumour targets, with in vivo selections based on tumour-homing capabilities of a pre-enriched antibody pool. "This unique approach overcomes several rate-limiting challenges for rapid translation into clinical applications," the company says on its website.
TPG led the Series B round, which also saw contributions from new investors Avidity Partners and Cowen Healthcare Investments, as well as existing Series A investors, Venrock and Alta Partners.
Meanwhile, Christopher LeMasters, chief executive at Gilead Sciences' subsidiary XinThera, will join MBrace's board as an independent director. XinThera is focused on small-molecule discovery and development of oncology and immunology therapeutics. Carolyn Ng, business unit partner with TPG Life Sciences Innovations, and Monal Mehta of Avidity Partners will also join the board in conjunction with the financing.
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