With the search for the coronavirus vaccines still ongoing, Schlieren-based Memo Therapeutics has secured additional capital to support the clinical development of potent antibodies for the immunotherapy of COVID-19 and for BK virus infection in kidney transplant patients.
Memo Therapeutics AG, an innovator in the field of antibody discovery and immune repertoire analysis. Its antibody discovery platform uses robust, simple and fast microfluidic single-cell molecular cloning and screening technologies to enable antibody repertoire mining and antibody discovery at unprecedented speed, efficiency and sensitivity. The company’s current pipeline features programs in infectious diseases and immuno-oncology.
The company has raised CHF 14 million in Series B financing round led by Swisscanto Invest by Zürcher Kantonalbank. The round also included BERNINA BioInvest, as well as new private investors and existing investors Investiere, Schroder Adveq, Jaquet Partners, and Redalpine.
Clinical study of COVID-19 antibody treatment
The proceeds of the financing will be used primarily to advance the development of MTX-COVAB, Memo’s lead antibody candidate for the treatment of COVID-19 through to Phase II clinical studies, including the production of GMP material. MTX-COVAB is a fully human, highly potent antibody isolated from clinically selected convalescent COVID-19 donors that also neutralizes all major known mutants. The company has agreed to fast-track development plan for MTX-COVAB with regulatory authorities and plans to begin clinical studies in 2021.
The company also intends to use the proceeds to advance clinical development to Phase II of its neutralizing antibody MTX-005, directed against BK virus infection in renal transplant patients, which poses a series threat to transplant success. In addition, the company expects to develop additional anti-infectious disease candidate antibodies and expand corporate partnering activities with the funding.
Christoph Esslinger, CSO and co-founder of Memo Therapeutics AG says, “Our concept to discover antibodies from convalescent human donors within 3 weeks and to develop that idea within 9 months to first-in-human has been a huge effort by the entire team. It is very satisfying to now have the financial backing required to start implementing our clinical development plan.”
(Press release)
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