Swiss company Memo Therapeutics AG, an innovator in the field of antibody discovery and immune repertoire analysis, announced today that the company has raised around €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.
“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,” said Dr. Karsten Fischer, CEO of Memo Therapeutics AG.
Dr. Christoph Esslinger, CSO and co-founder of Memo Therapeutics AG added: “Our concept to discover antibodies from convalescent human donors within 3 weeks and to develop that idea within 9 months to first-in-human has been a huge effort by the entire team. It is very satisfying to now have the financial backing required to start implementing our clinical development plan.“
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 serious 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.
“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,” said Dr. Robert Schier, Investment Director at Swisscanto Invest
“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,” said Dr. Bettina Ernst, Director at BERNINA BioInvest.