Memo Therapeutics AG, a late-stage biotech company developing best-in-class therapeutic antibodies, announced the closing of a CHF25 million Series C financing led by Pureos Bioventures. Existing investors Swisscanto, Vesalius Biocapital, Adjuvant Capital, Verve Ventures, Schroders Capital, GF Group, Fresenius Medical Care Ventures and Red Alpine joined in the round.
MTx will use the proceeds to complete U.S. Phase II clinical development of its best- and first-in-class antibody, AntiBKV, intended to neutralize BK polyomavirus (“BKV”) infection in kidney transplant recipients. BKV infection poses a significant threat following the transplantation procedure, with serious adverse effects on graft function and ultimately patient survival. With Phase II clinical data anticipated in 2024, the proceeds will also be used to prepare for a scale up of CMC manufacturing of AntiBKV in view of the Phase III study and potential market entry. In addition, MTx will use the funding to advance its existing antibody pipeline.
“With these new funds, we are in an optimal position to complete a multi-center Phase II study with AntiBKV, a treatment option that could dramatically improve the lives of renal transplant patients. Importantly, we will also scale up CMC manufacturing of AntiBKV to ensure we have product ready for further clinical evaluation and in anticipation of a potential launch in 2025,” said Elias Papatheodorou, Chairman of MTx’s Board of Directors. “On behalf of MTx, I’d like to welcome our new investor, Pureos Bioventures. We are also fortunate to have the long-term support of our existing investors who share our goal to develop best-in-class therapeutic antibodies for difficult to treat diseases.”
“MTx has made great progress in translating its antibody discovery platform into promising clinical candidates. In particular, AntiBKV has the potential to transform the lives of patients, who currently have no other therapeutic options,” said Veronica Gambillara Fonck, Partner at Pureos Bioventures, who has been appointed to the Board in conjunction with the financing. “We look forward to working with the management team as they advance development of its attractive antibody pipeline and further scale its platform capabilities.”
The post Memo Therapeutics AG Raises CHF 25 Million Series C Financing to Complete Phase II Clinical Development of AntiBKV for BKV Infection in Renal Transplant Patients appeared first on Pharma Journalist.