CHF 5 million for Memo Therapeutics

09.05.2018 14:12

The Basel based biotech company, MEMO Therapeutics, has raised CHF 5 million in its Series A2 financing round. The funds will be used to advance its antibody discovery programs into preclinical and clinical development.

The substantially oversubscribed round includes the new investors Schroder Adveq, the online VC firm and private investors. Existing investors such as Redalpine Venture Partners, Zurich Cantonal Bank and private investors also participated.

MEMO is a spin-off company of ETH Zurich. Its proprietary MemoMABTM platform allows for creating an authentic copy of whole antibody repertoires from humans and animals in recombinant form. Human antibody repertoires permit the identification of protective antibodies and their targets by comparison of different patient populations (e.g. responders vs. non-responders). In addition, MEMO's ability to work with whole antibody repertoires increases the probability of success in finding antibodies against difficult targets, such as GPCRs, ion channels, CD3 and others.

Thanks to the contribution of the various investors to its series A round, Memo is now ready for the next steps. The startup will use the proceeds to further develop its MemoMABTM technology and to progress its antibody candidates in the fields of immuno-oncology and infectious diseases towards clinical trials.

MEMO's Chief Executive Officer Christoph Esslinger commented: “We are very pleased that we could attract new investors including the internationally renowned firm Schroder Adveq to invest into MEMO."

Dragan Grabulovski, MEMO's key strategic advisor and former Chief Scientific Officer of Covagen (acquired by Johnson & Johnson) added: "The funding provided by the investors validates the interest in the MemoMABTM technology and will allow MEMO to progress quickly towards generating key proof of principle data for the lead drug candidates.”

(Press release/RAN)

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