Memo Therapeutics AG Raises CHF 25 Million Series C Financing to Complete Phase II Clinical Development of AntiBKV for BKV Infection in Renal Transplant Patients
| Memo Therapeutics AG
- Series C led by Pureos Bioventures
- Financing to support completion of a Phase II trial of AntiBKV and to prepare
manufacturing of drug for Phase III
Schlieren / Zurich, Switzerland – November 2, 2023 – Memo Therapeutics AG (“MTx”), a late-stage biotech company developing best-in-class therapeutic antibodies, announced today the closing of a CHF25 million Series C financing led by Pureos Bioventures. Existing investors Swisscanto, Vesalius Biocapital, Adjuvant Capital, Verve Ventures, Schroders Capital, GF Group, Fresenius Medical Care Ventures and Red Alpine joined in the round.
MTx will use the proceeds to complete U.S. Phase II clinical development of its best- and first-in-class antibody, AntiBKV, intended to neutralize BK polyomavirus (“BKV”) infection in kidney transplant recipients. BKV infection poses a significant threat following the transplantation procedure, with serious adverse effects on graft function and ultimately patient survival. With Phase II clinical data anticipated in 2024, the proceeds will also be used to prepare for a scale up of CMC manufacturing of AntiBKV in view of the Phase III study and potential market entry. In addition, MTx will use the funding to advance its existing antibody pipeline.
“With these new funds, we are in an optimal position to complete a multi-center Phase II study with AntiBKV, a treatment option that could dramatically improve the lives of renal transplant patients. Importantly, we will also scale up CMC manufacturing of AntiBKV to ensure we have product ready for further clinical evaluation and in anticipation of a potential launch in 2025,” said Elias Papatheodorou, Chairman of MTx’s Board of Directors. “On behalf of MTx, I’d like to welcome our new investor, Pureos Bioventures. We are also fortunate to have the long-term support of our existing investors who share our goal to develop best-in-class therapeutic antibodies for difficult to treat diseases.”
“MTx has made great progress in translating its antibody discovery platform into promising clinical candidates. In particular, AntiBKV has the potential to transform the lives of patients, who currently have no other therapeutic options,” said Veronica Gambillara Fonck, Partner at Pureos Bioventures, who has been appointed to the Board in conjunction with the financing. “We look forward to working with the management team as they advance development of its attractive antibody pipeline and further scale its platform capabilities.”
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 virus 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 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 as well as a partnership with Ono Pharmaceutical. MTx is a private company located in Schlieren / Zurich, Switzerland.
About Pureos Bioventures
Pureos Bioventures are a series of venture capital funds advised by Swiss-based Pureos Partners that invests exclusively in private innovative drug development companies, with a special emphasis on the next generation of biological drugs and drug formats. The funds’ portfolio companies are built on scientific excellence to develop therapies across a broad indication spectrum including oncology, immunology, ophthalmology, infectious disease, and neuroscience. Pureos has built a team with in-depth investment, operating and clinical expertise, that strives to impact patients’ lives by advancing innovative treatments for devastating diseases. For further information, please visit www.pureosbio.com.