PRESS RELEASE
Memo Therapeutics increases Series C financing to CHF 45 million
Additional CHF 20 million raised from new investors Ysios Capital and Kurma Partners as well as from existing investors
Proceeds will be used to expand Phase II of best-in-class anti-BK Virus antibody to become the largest study ever conducted for BK virus infection in kidney transplantation
Schlieren / Zurich, Switzerland, 7 May, 2024 - Memo Therapeutics AG(or "MTx"), a late-stage biotech company developing a best-in-class BKV-neutralizing antibody for BKV infection in kidney transplantation, today announces that it has successfully raised CHF 20 million as part of an extension of its Series C financing, bringing the total amount raised in the funding round to CHF 45 million.
The new funding will be used to bolster the clinical advancement of MTx's lead asset, AntiBKV, expanding the Phase II trial with a dose evaluation extension to be the largest BK viremia therapeutic study ever conducted in kidney transplant recipients. The disease represents a potential market in excess of $1 billion and is caused by the BK virus, which can become reactivated in immunosuppressed kidney transplant patients leading to severe complications. Initial data from the Phase II trial is expected in the first half of 2025.
The funding will further support the development of MTx's pipeline by leveraging its B-cell screening platform to select best-in-class humanized antibodies in other viral infections and oncology.
Erik van den Berg, CEO of Memo Therapeutics, commented: "This financing provides further external endorsement of the potential of our highly potent anti-BK virus mAb and our clinical strategy to bring it to patients as quickly as possible. There are more than 100,000 kidney transplants worldwide each year and 20,000 of these are at risk from developing BK virus associated nephropathy. With no disease modifying therapies available, there is an urgent need for a treatment. With FDA fast track status already obtained for the product, we look forward to rapidly progressing the development of AntiBKV."
New investors Ysios Capital and Kurma Partners participated in the extension round, joining existing Series C round investors including Pureos Bioventures, Swisscanto, Vesalius Biocapital, Adjuvant Capital, Verve Ventures, Schroders Capital, GF Group, Fresenius Medical Care Ventures and Red Alpine.
Thomas Harth, Principal at Ysios Capital stated: "We believe Memo Therapeutics has developed a very powerful antibody that can address the growing concern of BKV infections in kidney transplant recipients. By being able to preserve the kidney and ensure graft outcome, this antibody could offer a tremendous benefit to patients. Deriving antibodies in screening of the B-cell repertoire offers a route to best-in-class antibody medicines for multiple diseases. We believe MTx has one of the best engines to do so within the industry.
We are encouraged to support MTx in its mission to address the unmet medical need of BK viremia and beyond. MTx fits strongly with the investment strategy at Ysios to support breakthrough medicines."
Hadrien Bouchez, Partner at Kurma Partners added: "MTx has an exceptional leadership team with a proven track record of success. We are very excited to support the development of AntiBKV, an agent which has a unique efficacy and safety profile. Our investment underscores our commitment to supporting companies that are poised to make a significant impact on global healthcare."
Thomas Harth, Principal at Ysios Capital and Hadrien Bouchez, Partner at Kurma Partners will join the Memo Therapeutics Board of Directors.
Alongside AntiBKV, Memo Therapeutics is developing a panel of pre-clinical assets in cancer and viral infections. These are based on the ability of MTx's antibody discovery platform DROPZYLLA®, to interrogate the antibodyomes of elite controllers of infection and cancer.
-Ends-
| Contacts | |
| Memo Therapeutics AG | |
| info@memo-therapeutics.com (mailto:info@memo-therapeutics.com) | |
| ICR Consilium | Amber Fennell, Ashley Tapp |
| memotx@consilium-comms.com (mailto:memotx@consilium-comms.com) | +44 (0)20 3709 5700 |
About Memo Therapeutics AG
Memo Therapeutics AG ("MTx") is a late-stage biotech company developing best-in-class therapeutic antibodies to transform the lives of patients with viral infections and cancer. MTx's lead program, AntiBKV, is a highly effective and safe neutralizing antibody to treat BK virus infection in kidney transplant recipients. This infection can lead to nephropathy, loss of kidney function, as well as organ failure and rejection. MTx's pipeline consists of additional candidate therapeutic antibodies focusing on infectious diseases, such as cytomegalovirus ("CMV"), immuno-oncology targets alone and in partnership with Ono Pharmaceutical. MTx is a private company located in Schlieren / Zurich, Switzerland.
About BK Virus
BKV infection occurs mostly in childhood and remains dormant in healthy individuals. However, BKV infection poses a significant threat following kidney transplantation, with serious adverse effects on graft function, kidney failure and ultimately patient survival. Due to the immunosuppressive drug regimen transplant patients receive, reactivation of BKV is triggered in approx. 40% of kidney transplant recipients, with 20% experiencing systemic virologically exposure. Up to 10% then progress to BKV associated nephropathy, which is the leading cause of graft loss. There is currently no disease modifying therapy available to treat BKV infection; it can only be addressed by lowering immunosuppression. However, this significantly increases the risk of a graft rejection reaction, also leading to impaired functionality and longevity, or graft failure.
About Ysios Capital
Ysios Capital is a leading Spanish venture capital firm that provides private equity financing to early- and mid-stage, highly innovative life science companies bringing life-changing treatments to patients, with a focus on indications with high unmet need. They have a diverse international team in San Sebastián and Barcelona, driven by science, with the ambition to transform capital into medical breakthroughs. Ysios Capital was founded in 2008 and has over $450 million in assets under management through its three funds.
About Kurma Partners
Kurma Partners is a key European player in the financing of innovation in Healthcare and Biotechnology, from pre-seed to growth capital, in particular through its funds Kurma Biofund I, II, III, IV, Kurma Growth, Kurma Diagnostics and Kurma Diagnostics 2, as well as the links the company has forged with a network of prestigious research institutes and hospitals. Kurma Partners was founded in July 2009 and is based in Paris and in Munich.
