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 |
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Memo Therapeutics AG |
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info@memo-therapeutics.com |
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ICR Consilium |
Amber Fennell, Ashley Tapp |
memotx@consilium-comms.com |
+44 (0)20 3709 5700 |
About Memo Therapeutics AGMemo
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 VirusBKV 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.