Memo Therapeutics has raised CHF14 million ($15.56 million) in a Series B financing round towards the clinical development of potent antibodies for the immunotherapy of Covid-19.
The proceeds from the funding round will also help the Swiss biotech company in developing antibodies for BK virus infection in kidney transplant patients.
The funding round was led by Swisscanto Invest by Zürcher Kantonalbank, which included participation from BERNINA BioInvest, certain new private investors, and existing investors Investiere, Schroder Adveq, Redalpine, and Jaquet Partners.
Dr. Karsten Fischer – CEO of Memo Therapeutics said: “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.”
Memo Therapeutics will now advance MTX-COVAB, its lead antibody candidate for the treatment of Covid-19, through to phase 2 clinical studies, including production of GMP material with the proceeds of the funding.
MTX-COVAB is a fully human, antibody, which has been isolated from clinically selected convalescent Covid-19 donors. The antibody also neutralizes all major known mutants, claimed Memo Therapeutics.
The Swiss biotech company has agreed an accelerated development plan for MTX-COVAB with regulatory bodies and intends to start clinical studies in 2021.
Memo Therapeutics will also advance clinical development to phase 2 of MTX-005, its neutralizing antibody directed against BK virus infection in renal transplant patients.
Additionally, the Swiss biotech company is likely to develop more anti-infectious disease candidate antibodies and expand corporate partnering activities with the proceeds of the Series B round.
Dr. Robert Schier – Investment Director at Swisscanto Invest said: “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.”