NMT1

£90m ($114m) series A co-led by new leading life science investors Novo Holdings and Abingworth Additional new investors British Patient Capital, Cancer Research Horizons and Lilly participated alongside founding investors Brandon Capital and Sofinnova Partners Funds will be used to build out Myricx Bio’s proprietary N-Myristoyltransferase inhibitor (NMTi) antibody-drug conjugate (ADC) payload platform and advance its pipeline of NMTi-ADCs through clinical proof of concept targeting clinically validated tumour-associated antigens Company to establish laboratory operations in London’s biotech hub, and expand its management and R&D teams Michael Bauer from Novo Holdings and Lucille Conroy from Abingworth will join Myricx Bio Board of Directors July 08, 2024 -- Myricx Bio (‘Myricx’), a UK biotech company focusing on the discovery and development of a completely novel class of payloads for antibody-drug conjugates (ADCs), today announced the closing of its series A financing raising £90m ($114m). The round was co-led by new leading life science investors Novo Holdings and Abingworth. Additional new investors British Patient Capital (a wholly owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank), Cancer Research Horizons and Eli Lilly and Company also participated alongside founding investors Brandon Capital and Sofinnova Partners. In connection with the financing, Michael Bauer from Novo Holdings and Lucille Conroy from Abingworth will join Myricx’s Board of Directors. The funds will be used to build out Myricx’s proprietary N-Myristoyltransferase inhibitor (NMTi) ADC payload platform and to advance its pipeline of NMTi-ADCs through clinical proof of concept targeting clinically validated tumour-associated antigens. NMT is an enzyme that adds a specific lipid modification to several protein targets that are key to cancer cell survival. Myricx is advancing a pipeline of ADCs to address serious unmet needs in oncology based on its NMTi payload chemistry platform and has demonstrated excellent preclinical efficacy and safety across multiple solid tumour-associated antigens and cancer cell types. Myricx has shown that its initial NMTi-ADCs achieve complete and durable tumour regressions, at well-tolerated doses, in multiple solid cancer models that are refractory to Topo1i-based ADCs. In addition, these NMTi-ADCs demonstrate potent bystander activity, and deliver high efficacy in patient-derived xenograft (PDX) organoid models across a broad range of antigen expression levels. Michael Bauer, Partner in the Venture Investments group at Novo Holdings, said: “Myricx has gained unique insights into the biology of NMT and its orthogonal and differentiated mechanism. The scientific rationale behind its novel payload chemistry gives us confidence that NMTi-ADCs have the potential to greatly expand the current repertoire of ADC applications beyond the current standard-of-care payload classes, creating opportunities for new treatment options for patients. This investment reflects our strategy of investing in highly innovative and high impact biotechs, and we look forward to supporting the progress of Myricx through the clinic.” Lucille Conroy, Principal at Abingworth, said: “We were impressed by the compelling preclinical data validating Myricx’s first-in-class payload platform based on NMT inhibition. We are pleased to co-lead the investment with Novo Holdings and to be working with the company to advance its NMTi-ADC candidates to address serious unmet needs in oncology by offering new options to patients.” Jonathan Tobin, Partner at Brandon Capital, said: “Having recognised the potential of NMT inhibitors as a powerful ADC payload, what Robin and the Myricx team have generated to validate that potential over the past year is truly impressive. Together with Sofinnova, we are delighted to welcome the new investors into this series A financing to join us in supporting Myricx to become a significant player in the ADC space.” Maina Bhaman, Partner at Sofinnova Partners, said: “We’ve been strong supporters of Myricx Bio since its inception, recognising the potential of its NMT inhibition platform. We are delighted to be joined by Abingworth, Novo Holdings, Lilly, Cancer Research Horizons and British Patient Capital as we continue to champion Myricx’s ability to harness the enormous potential of ADC payloads. With these expanded resources, Myricx is poised to fully leverage its NMTi-ADC platform, advancing both its own pipeline and strategic partnerships.” Myricx was founded by Prof. Ed Tate, Dr Roberto Solari and Dr Andrew Bell. Dr Robin Carr joined the team from GSK in 2019 and has spearheaded the company’s pivot from a focus on NMTi as small molecule drugs to their potential as ADC payloads. Myricx now has the resources to grow from a virtual company into a fully-fledged R&D company with its own laboratories and an in-house R&D team, with expanded management capabilities. Currently located in the London Kings Cross biotech hotspot and with foundations in London, having spun out of Imperial College London and the Francis Crick Institute, Myricx is committed to significant growth and executive presence in London. Myricx Bio CEO, Dr Robin Carr said: “I am truly grateful for the support of our founding investors Brandon Capital and Sofinnova Partners as we developed our initial NMT inhibitor chemistry and demonstrated the potential of NMTis as ADCs. I am delighted to welcome our new investors and thank them for their support as we enter our next phase of development. Myricx now has the resources to grow into a fully-fledged R&D company with our own laboratories, and an in-house R&D team with expanded management capabilities. Consequently, we are well positioned to build on our NMTi ADC platform and advance our pipeline as we become a clinical stage company.” Myricx has already begun the process of attracting top talent to the company. In 2023, it appointed Chris Martin, a renowned biotech company founder, director and entrepreneur, and co-founder of ADC Therapeutics SA (NYSE: ADCT), to the Board of Directors as its independent non-executive Chair. It also appointed Francesca Zammarchi PhD, previously Head of Preclinical Pharmacology at ADC Therapeutics, as its Chief Scientific Officer, and Robert McCleod MD, ex-Daiichi Sankyo, as VP Clinical Development, both of whom bring considerable ADC experience. Myricx Bio (“Myricx”) is a UK biotech company focused on the discovery and development of a completely novel class of payloads for antibody-drug conjugates (ADCs), based on inhibitors of N-Myristoyltransferases (NMT) for the treatment of cancer. NMT is an enzyme that adds a specific lipid modification to a number of protein targets that are key to cancer cell survival. Myricx is advancing a pipeline of ADCs to address serious unmet needs in oncology based on its NMT inhibitor (NMTi) payload chemistry platform and has demonstrated excellent preclinical efficacy and safety across multiple solid tumour-associated antigens and cancer cell types. Based in London, Myricx is a spin out from Imperial College London and the Francis Crick Institute with investment from Abingworth, Brandon Capital Partners, British Patient Capital, Cancer Research Horizons, Eli Lilly and Company, Novo Holdings, and Sofinnova Partners. Novo Holdings is a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation. The purpose of Novo Holdings is to improve people’s health and the sustainability of society and the planet by generating attractive long-term returns on the assets of the Novo Nordisk Foundation. Wholly owned by the Novo Nordisk Foundation, Novo Holdings is the controlling shareholder of Novo Nordisk and Novonesis and manages an investment portfolio with a long-term return perspective. In addition to managing a broad portfolio of equities, bonds, real estate, infrastructure and private equity assets, Novo Holdings is a world-leading life sciences investor. Through its Seeds, Venture, Growth, and Principal Investments teams, Novo Holdings invests in life science companies at all stages of development. As of year-end 2023, Novo Holdings had total assets of EUR 149 billion. Abingworth is a leading transatlantic life sciences investment firm and part of the global investment firm Carlyle (NASDAQ: CG). Abingworth helps transform cutting-edge science into novel medicines by providing capital and expertise to top calibre management teams building world-class companies. Since 1973, Abingworth has invested in over 185 life science companies, leading to 50+ M&As and more than 75 IPOs. Our therapeutic focused investments fall into three categories: seed and early-stage, development stage, and clinical co-development. Abingworth supports its portfolio companies with a team of experienced professionals at offices in London, Menlo Park (California), and Boston. Cancer Research UK (CRUK) is one of the world’s largest non-profit investors in cancer research. CRUK has built a network of 4,000 exceptional scientists and now funds over £350 million of world-class academic research each year that has the potential to change the way we prevent, diagnose and treat cancer. Cancer Research Horizons (CRH), CRUK’s innovation arm, offers the full spectrum of translational expertise, from drug discovery and clinical capabilities, translational funding and entrepreneurial training to licensing, industry collaboration and start up creation expertise. It has played a role in the creation of 79 start-ups, with its portfolio companies raising over £3 billion in total capital. Its dedicated Ventures team focuses on early stage, high-risk companies, including one of the most challenging stages of start-up creation: attracting early-stage risk capital. The Ventures team manages the CRH Seed Fund, launched in June 2022, to accelerate more breakthroughs to patient benefit. Brandon Capital is Australasia's leading life sciences venture capital firm, with offices in Australia, New Zealand, the US and the UK. Its unique model includes proprietary deal flow through Brandon BioCatalyst, a collaboration of over 50 of ANZ’s leading medical research institutions, and its immersive corporate services structure enables portfolio companies to focus on research commercialisation. With more than 25 active companies in its portfolio, Brandon Capital has been sourcing and supporting the transition of world-leading science into world-leading businesses for nearly two decades. Sofinnova Partners is a leading European venture capital firm in life sciences, specializing in healthcare and sustainability. Based in Paris, London and Milan, the firm brings together a team of professionals from all over the world with strong scientific, medical and business expertise. Sofinnova Partners is a hands-on company builder across the entire value chain of life sciences investments, from seed to later-stage. The firm actively partners with ambitious entrepreneurs as a lead or cornerstone investor to develop transformative innovations that have the potential to positively impact our collective future. Founded in 1972, Sofinnova Partners is a deeply-established venture capital firm in Europe, with 50 years of experience backing over 500 companies and creating market leaders around the globe. Today, Sofinnova Partners has over €2.8 billion under management. The content above comes from the network. if any infringement, please contact us to modify.

Funds will be used to build out Myricx Bio's proprietary payload platform and advance its pipeline through clinical proof of concept. Novo Holdings Venture Investments Partner Michael Bauer will join Myricx Board of Directors and Principal Max Klement will join Myricx Board as an Observer. This is the largest European biotech Series A financing this year. COPENHAGEN, Denmark , July 8, 2024 /PRNewswire/ -- Novo Holdings, a leading life science investor, today announces that it has co-led a £90 million ($114 million) Series A financing for Myricx Bio ('Myricx'), the largest European biotech Series A financing this year. Myricx Bio is a UK biotech company focusing on the discovery and development of a novel payload class for antibody-drug conjugates (ADCs). The funds will be used to advance Myricx's proprietary pipeline of N-Myristoyltransferase inhibitor (NMTi) ADCs through clinical proof of concept, targeting clinically validated tumor-associated antigens and addressing serious unmet needs in oncology. Led by a team of drug hunters and internationally renowned scientists with small molecule and ADC drug development experience and outstanding track records of successes, Myricx is a spinout from Imperial College London and the Francis Crick Institute. The Company will establish laboratory operations in London and expand its Management and R&D teams. Michael Bauer, Partner, Venture Investments, Novo Holdings said: "Myricx has gained unique insights into the biology of NMT and its orthogonal and differentiated mechanism. The scientific rationale behind its novel payload chemistry gives us confidence that NMTi ADCs have the potential to greatly expand the current repertoire of ADC applications beyond the current standard-of-care payload classes, creating opportunities for new treatment options for patients. This investment reflects our strategy of investing in highly innovative and high impact biotechs, and we look forward to supporting the progress of Myricx through the clinic." In connection with the financing, Michael Bauer will join the Myricx Board of Directors. Additionally, Max Klement, Principal, Venture Investments, Novo Holdings, will join the Myricx Board as an Observer. Myricx Bio Chief Executive Officer, Dr Robin Carr, added: "We welcome our new investors, including Novo Holdings, and thank them for their support as we enter our next phase of development. Myricx now has the resources to grow into a fully-fledged R&D company with our own laboratories, and an in-house R&D team with expanded management capabilities. Consequently, we are well positioned to build on our NMTi ADC platform and advance our pipeline as we become a clinical stage company." NMT is an enzyme that adds a specific lipid modification to a number of protein targets key to cancer cell survival. The ADC field is currently dominated by two key payload classes, microtubule and topoisomerase inhibitors, with patients susceptible to the acquired resistance leading to the need for greater payload diversification with a novel, orthogonal and differentiated mechanism of action. Myricx has shown that NMTi ADCs achieve complete and durable tumor regressions, at well tolerated doses, in multiple solid cancer models that are refractory to topoisomerase inhibitor-based ADCs. In addition, NMTi ADCs demonstrate potent bystander activity, and deliver high efficacy in patient-derived xenograft (PDX) organoid models across a broad range of antigen expression levels. Novo Holdings co-led the financing together with Abingworth, with additional new investors British Patient Capital (BPC), a wholly owned commercial subsidiary of British Business Bank plc, the UK government's economic development bank and Eli Lilly & Company, and current investors Sofinnova Partners and Brandon Capital. About Novo Holdings A/S Novo Holdings is a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation. The purpose of Novo Holdings is to improve people's health and the sustainability of society and the planet by generating attractive long-term returns on the assets of the Novo Nordisk Foundation. Wholly owned by the Novo Nordisk Foundation, Novo Holdings is the controlling shareholder of Novo Nordisk A/S and Novonesis A/S (Novozymes A/S) and manages an investment portfolio with a long-term return perspective. In addition to managing a broad portfolio of equities, bonds, real estate, infrastructure and private equity assets, Novo Holdings is a world-leading life sciences investor. Through its Seeds, Venture, Growth, Asia, Planetary Health Investments and Principal Investments teams, Novo Holdings invests in life science companies at all stages of development. As of year-end 2023, Novo Holdings had total assets of EUR 149 billion. About Myricx Bio Myricx Bio is a UK biotech company focused on the discovery and development of a completely novel class of payloads for antibody-drug conjugates (ADCs), based on inhibitors of N-myristoyltransferases (NMT) for the treatment of cancer. Myricx was founded by Prof Ed Tate, Dr Roberto Solari and Dr Andrew Bell. Dr Robin Carr joined the team from GSK in 2019 and has spearheaded the company's pivot from a focus on NMTi as small molecule drugs to their potential as ADC payloads. NMT is an enzyme that adds a specific lipid modification to a number of protein targets key to cancer cell survival. Myricx is advancing a pipeline of ADCs to address serious unmet needs in oncology based on its NMT inhibitor (NMTi) payload chemistry platform and has demonstrated excellent preclinical efficacy and safety across multiple solid tumour associated antigens and cancer cell types. Based in London, Myricx is a spin out from Imperial College London and the Francis Crick Institute with investment from Sofinnova Partners and Brandon Capital Partners. About ADCs ADCs, described as targeted chemotherapy, are leading a new era of cancer therapy, owing to their ability to selectively kill cancer cells via cytotoxic payloads delivered directly to the tumor cells. An ADC consists of three components: a monoclonal antibody (mAb); a payload designed to kill the tumor cells; and a linker that connects the two. The mAb targets tumor antigens on the cell surface, delivering the cytotoxic payload only to the intended cells, while sparing normal tissue. This targeted delivery of the cytotoxic payload avoids high systemic exposure and therefore reduces toxicity typically associated with chemotherapy. SOURCE Novo Holdings

Myricx Bio brought in £90 million ($114 million) via a series A financing round as the company looks to develop a new class of payloads for antibody-drug conjugates (ADCs). The financing was co-led by Novo Holdings and Abingworth, with other participants including Eli Lilly, Cancer Research Horizons and the UK government through British Patient Capital.The drugmaker is building a pipeline of therapies based on its N-Myristoyltransferase inhibitor (NMTi) ADC payload platform and plans to use the new funds to advance candidates through clinical proof of concept targeting clinically validated tumour-associated antigens. Myricx noted that NMT is an enzyme that adds a specific lipid modification to several protein targets that are key to cancer cell survival. Michael Bauer, partner at Novo Holdings – who is joining Myricx’s board – said “the scientific rationale behind its novel payload chemistry gives us confidence that NMTi-ADCs have the potential to greatly expand the current repertoire of ADC applications beyond the current standard-of-care payload classes.”  Early work has shown that Myricx’s initial NMTi-ADCs achieve complete and durable tumour regressions, at well-tolerated doses, in multiple solid cancer models that are refractory to topoisomerase-based ADCs. The company noted that the NMTi-ADCs have also demonstrated potent bystander activity.Myricx – which launched in 2020 – said that the new financing will allow it to grow into a fully-fledged R&D company with its own laboratories and an in-house R&D team.