Myricx Bio secures £90m (USD 114 Million) Series A funding to advance its novel NMTi-ADC therapeutics, enhancing its proprietary platform and pipeline, with new board members from Novo Holdings and Abingworth.

United Kingdom: Myricx Bio, a UK-based biotechnology company specializing in the discovery and development of novel payloads for antibody-drug conjugates (ADCs), has successfully closed a Series A financing round, raising £90 million (USD 114 million). The round was co-led by new leading life science investors Novo Holdings and Abingworth. Additional participants included new investors British Patient Capital, Cancer Research Horizons, and Eli Lilly and Company, alongside founding investors Brandon Capital and Sofinnova Partners.

As part of the financing, Michael Bauer from Novo Holdings and Lucille Conroy from Abingworth will join Myricx’s Board of Directors.

The capital will be allocated to advancing Myricx’s proprietary N-Myristoyltransferase inhibitor (NMTi) ADC payload platform and progressing its NMTi-ADC pipeline through clinical proof of concept, targeting clinically validated tumor-associated antigens.

NMT is an enzyme responsible for adding a specific lipid modification to several protein targets crucial for cancer cell survival. Myricx’s ADCs address serious unmet needs in oncology, demonstrating excellent preclinical efficacy and safety across multiple solid tumor-associated antigens and cancer cell types.

Myricx’s initial NMTi-ADCs have achieved complete and durable tumor regressions at well-tolerated doses in multiple solid cancer models resistant to Topo1i-based ADCs. Additionally, these NMTi-ADCs exhibit potent bystander activity and 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.”

According to TechSci Research, Myricx Bio's successful Series A funding round marks a significant milestone in the healthcare market, particularly in oncology therapeutics. By advancing its innovative N-Myristoyltransferase inhibitor (NMTi) ADC payload platform, Myricx is poised to address critical unmet needs in cancer treatment. The investment, co-led by Novo Holdings and Abingworth, underscores the confidence in Myricx's potential to revolutionize cancer therapy.

The development of NMTi-ADCs, which have demonstrated exceptional preclinical efficacy and safety, positions Myricx at the forefront of next-generation cancer therapeutics. These novel ADCs offer promising solutions for solid tumors that are resistant to current treatments, potentially leading to improved patient outcomes and survival rates. The inclusion of new investors such as British Patient Capital, Cancer Research Horizons, and Eli Lilly and Company further validates the broad market potential of Myricx's technology.

Moreover, the strategic addition of Michael Bauer and Lucille Conroy to the Board of Directors brings valuable expertise and insights, fostering robust governance and strategic guidance. As Myricx moves its pipeline through clinical trials, the broader healthcare market stands to benefit from groundbreaking treatments that could reshape oncology care standards, drive innovation, and stimulate further investments in advanced therapeutic platforms.