Swiss biotech startup Memo Therapeutics raises €13.9m to support clinical development of potent antibodies
Swiss biotech startup Memo Therapeutics AG, an innovator in the field of antibody discovery and immune repertoire analysis, announced it has raised €13.9 million in Series B financing. The round was led by Swisscanto Invest by Zürcher Kantonalbank and included BERNINA BioInvest, as well as new private investors and existing investors Investiere, Schroder Adveq, Jaquet Partners, and Redalpine.
Karsten Fischer, CEO, Memo Therapeutics AG: “We are thrilled that with Swisscanto Invest and Bernina BioInvest we could attract two new renowned investors into our existing syndicate to support the clinical development of our two antiviral assets. We see this as validation of our antibody discovery approach and the huge future potential for the company.”
The proceeds of the financing will be used primarily to advance development of MTX-COVAB, Memo Therapeutic AG’s lead antibody candidate for the treatment of COVID-19 through to Phase II clinical studies, including production of GMP material. MTX-COVAB is a fully human, highly potent antibody isolated from clinically selected convalescent COVID-19 donors that also neutralizes all major known mutants. Memo Therapeutics AG has agreed a fast-track development plan for MTX-COVAB with regulatory authorities and plans to begin clinical studies in 2021.
Memo Therapeutics AG intends to also use the proceeds to advance clinical development to Phase II of its neutralizing antibody MTX-005, directed against BK virus infection in renal transplant patients, which poses a series threat to transplant success. In addition, the company expects to develop additional anti-infectious disease candidate antibodies and expand corporate partnering activities with the funding.
Robert Schier, Investment Director, Swisscanto Invest: "We believe Memo Therapeutics AG has taken innovation in the field of antibody discovery to the next level. Their ability to exploit the power of microfluidic single-cell molecular cloning could not only serve to move one step closer to conquer the COVID pandemic but also potentially other infectious diseases and cancer.”
Bettina Ernst, Director, BERNINA BioInvest: “The potential for Memo Therapeutics and its antibodies could be significant. We are excited to be providing financial support, which will enable the Memo Therapeutics AG team to move further into clinical proof of concept. We believe they have a great future ahead.”