press release
Memo Therapeutics increases Series C funding to CHF 45 million
Raise a further CHF 20 million from new investors Ysios Capital and Kurma Partners and existing investors
Proceeds will be used for the Phase II expansion of the best-in-class anti-BK virus antibody, making it the largest study ever conducted on BK virus infection in kidney transplants.
Schlieren / Zurich, Switzerland, May 7, 2024 – Memo Therapeutics AG (or “MTx”), a late-stage biotechnology company developing best-in-class BKV-neutralizing antibodies against BKV infection in kidney transplants, today raises CHF 20 million as part of an extension of funding. announced that it was successful. The Series C funding brings the total amount raised in the funding round to CHF 45 million.
The new funding will be used to strengthen the clinical progress of MTx's lead asset, AntiBKV, by expanding the Phase II trial with extended dose evaluation and the most advanced trial ever conducted in kidney transplant recipients. This will be the largest BK viremia treatment study. This disease represents a potential market of over $1 billion and is caused by the BK virus, which can reactivate and cause severe complications in immunosuppressed kidney transplant patients. Initial data from the Phase II trial is expected to be released in the first half of 2025.
This funding will further support the development of MTx's pipeline by leveraging MTx's B-cell screening platform to select best-in-class humanized antibodies in other viral infections and oncology.
Erik van den Berg, CEO of Memo Therapeutics, commented:: “This funding provides further external support for the potential of our highly potent anti-BK virus mAb and our clinical strategy to bring it to patients as quickly as possible. Around the world. More than 100,000 kidney transplants are performed each year, and 20,000 of them are at risk of developing BK virus-associated nephropathy, so treatment is urgent. We look forward to the rapid development of AntiBKV as this product has already received FDA Fast Track status.”
New investors Ysios Capital and Kurma Partners participated in the extension round, along with existing investors including Pureos Bioventures, Swisscanto, Vesalius Biocapital, Adjuvant Capital, Verve Ventures, Schroders Capital, GF Group, Fresenius Medical Care Ventures, and Red Alpine. Joined as a Series C round investor.
Thomas Haas, principal at Isios Capital, said:: “Memo Therapeutics believes we have developed a highly potent antibody that can address the growing concern of BKV infection in kidney transplant recipients. This antibody can preserve the kidney and ensure transplant outcomes. We believe that the derivation of antibodies in the screening of B cell repertoires provides a pathway to best-in-class antibody drugs for multiple diseases. We believe we have one of the best engines in the industry to achieve this.
We are encouraged to support MTx in its mission to address unmet medical needs such as BK viremia. MTx is a great fit with Ysios' investment strategy to support breakthrough medicines. ”
Added Hadrien Bouchez, Partner, Kurma Partners: “MTx has an excellent leadership team with a proven track record of success. We are very excited to support the development of AntiBKV, a drug with a unique efficacy and safety profile.” Our investment underscores our commitment to supporting companies that are making a significant impact on global healthcare.”
Thomas Harth, principal at Ysios Capital, and Hadrien Bouchez, partner at Kurma Partners, will join Memo Therapeutics' board of directors.
Alongside AntiBKV, Memo Therapeutics is developing a panel of preclinical assets in cancer and viral infections. These build on the capabilities of MTx's antibody discovery platform DROPZYLLA®, which explores the antibody ome of elite controllers in infectious diseases and cancer.
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About Memo Therapeutics AG
Memo Therapeutics AG (“MTx”) is a late-stage biotechnology company developing best-in-class therapeutic antibodies that transform the lives of patients with viral infections and cancer. MTx's flagship program, AntiBKV, is a highly effective and safe neutralizing antibody for treating BK virus infections in kidney transplant recipients. This infection can cause nephropathy, loss of kidney function, organ failure and rejection. MTx's pipeline consists of additional therapeutic antibody candidates focused on infectious diseases such as cytomegalovirus (“CMV”), tumor immune targets alone and in partnership with Ono Pharmaceutical. MTx is a private company located in Zurich/Schlieren, Switzerland.
About BK virus
BKV infection primarily occurs during childhood and is latent in healthy individuals. However, BKV infection poses a significant threat after kidney transplantation, with significant negative effects on graft function, renal failure, and ultimately patient survival. The administration of immunosuppressants that transplant patients receive causes BKV reactivation in approximately 1 hour. His 40% of kidney transplant recipients are experiencing systemic viral exposure, and his 20%. Up to 10% then progress to her BKV-associated nephropathy, which is the main cause of graft loss. Currently, there are no disease-modifying therapies available to treat BKV infection. It can only be managed by lowering immunosuppression. However, this significantly increases the risk of graft rejection, leading to decreased functionality, longevity, or even graft failure.
About Isios Capital
Ysios Capital is a leading Spanish venture capital firm that invests in early and mid-stage highly innovative life sciences companies focused on indications with high unmet need and delivering life-changing treatments for patients. We provide private equity financing. They have a diverse international team in San Sebastian and Barcelona, driven by science, with the ambition to transform capital into medical advances. Ysios Capital was founded in 2008 and he manages over $450 million in assets through three funds.
About Kuruma Partners
Kurma Partners is a European leader in the financing of healthcare and biotech innovations, from pre-seed to growth capital, particularly through its funds Kurma Biofund I, II, III, IV, Kurma Growth, Kurma Diagnostics and Kurma Diagnostics 2. is a major player in So too are the connections the company has built with a network of prestigious research institutions and hospitals. Kurma Partners was founded in July 2009 and is based in Paris and Munich.
