Novo Holdings co-leads $114M financing round for Myricx Bio
08 Jul 2024
Novo Holdings has co-led a $114 million (£90 million) Series A financing round for UK biotech company Myricx Bio, marking the largest European biotech Series A this year.
This funding will advance Myricx's novel platform for antibody-drug conjugates (ADCs), focusing on their proprietary N-Myristoyltransferase inhibitor (NMTi) technology aimed at cancer treatment. The investment will help Myricx move its NMTi ADCs through clinical proof of concept, targeting tumor-associated antigens and addressing unmet oncology needs.
Myricx, a spinout from Imperial College London and the Francis Crick Institute, plans to set up laboratory operations in London and expand its management and R&D teams, transitioning into a fully-fledged R&D company. Michael Bauer from Novo Holdings will join Myricx's board of directors, while Max Klement will join as an observer.
Last year, Novo Holdings also co-led ADC biotech Adcendo's Series A extension financing, raising an additional $33.6 million (€31 million) after the initial $55.2 million (€51 million) in April of 2021.
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