ADC Therapeutics(US:ADCT) Newsfilter·2024-07-08 06:00Company Overview - Myricx Bio is a UK biotech company focused on developing a novel class of payloads for antibody-drug conjugates (ADCs) based on inhibitors of N-Myristoyltransferases (NMT) for cancer treatment [7] - The company was founded by Prof. Ed Tate, Dr. Roberto Solari, and Dr. Andrew Bell, and has transitioned from a virtual company to a fully-fledged R&D company with its own laboratories and in-house R&D team [5][6] Funding and Investment - Myricx Bio has successfully closed a £90 million ($114 million) Series A financing round, co-led by Novo Holdings and Abingworth, with participation from British Patient Capital, Cancer Research Horizons, and Eli Lilly [1][2] - The funds will be utilized to expand Myricx's proprietary NMTi ADC payload platform and advance its pipeline of NMTi-ADCs through clinical proof of concept [2][3] Scientific Advancements - Myricx has demonstrated that its initial NMTi-ADCs achieve complete and durable tumor regressions at well-tolerated doses in multiple solid cancer models [3] - The NMTi-ADCs show potent bystander activity and deliver high efficacy in patient-derived xenograft (PDX) organoid models across a broad range of antigen expression levels [3] Management and Strategic Growth - The company is establishing laboratory operations in London's biotech hub and expanding its management and R&D teams [1][5] - New board members include Michael Bauer from Novo Holdings and Lucille Conroy from Abingworth, indicating strong support from leading life science investors [1][2] Market Position and Future Outlook - Myricx aims to address serious unmet needs in oncology with its innovative NMTi payload chemistry platform, which has shown excellent preclinical efficacy and safety [2][7] - The company is well-positioned to leverage its NMTi-ADC platform and advance both its pipeline and strategic partnerships, aiming to become a significant player in the ADC space [5][6]