Memo Therapeutics, an innovator in the field of antibody discovery and development, has received 60 million francs from investors. The company from the Greater Zurich Area raised 37 million francs in a Series B financing round, which was led by Swisscanto Invest . It had previously secured an additional 23 million francs from a combination of strategic and financial investors.
According to information provided by the company, the proceeds will be used to advance the clinical development of its “best- and first-in-class neutralizing antibody” MTX-005 through Phase 2 clinical development. This drug targets BK virus infection in renal transplant patients. It is an infection that poses a high and unmet medical need to transplant success. In addition, the large market worth over US$1 billion is a growth opportunity of more than 15 percent for a potential drug.
“We believe this approach is applicable to many therapeutic areas and look forward to seeing the results from clinical evaluation of the BK virus program,” Dr Andreas Wüpper, Director of Investments at Fresenius Medical Care Ventures, said of the new investment.
“Our unique approach to discover and develop novel therapeutic antibodies continues to generate impressive data,” explained Dr Karsten Fischer, CEO of Memo Therapeutics. Together with the recent government grant of 10.5 million francs through the Swiss Federal Funding Program for COVID-19 Medicines, this funding will enable its two lead programs to be advanced into clinical development this year and the antibody pipeline to be expanded.
As part of the financing round, Dr Andreas Wüpper, Dr Christian Schneider, Managing Partner at Vesalius Biocapital, and Dr Philippe Dro, Partner at Adjuvant Capital, will join the Board of Directors of Memo Therapeutics.
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