Memo Therapeutics secures $15.5m in Series B to propel antibody development for COVID-19 and BK virus treatment

Memo Therapeutics, a Swiss biotech company, has successfully raised CHF 14 million (approximately $15.56 million) in a Series B financing round to accelerate the clinical development of its potent antibodies for the treatment of COVID-19 and BK virus infections. This round, led by Swisscanto Invest by Zürcher Kantonalbank, also saw the participation of several key investors including BERNINA BioInvest, Investiere, Schroder Adveq, Redalpine, and Jaquet Partners.

The funding will primarily support Memo Therapeutics in advancing two promising therapeutic candidates: MTX-COVAB, an antibody targeting COVID-19, and MTX-005, which addresses BK virus infection in kidney transplant patients. Both antibodies are at the forefront of the company’s pipeline, positioning Memo Therapeutics as a leader in innovative immunotherapy solutions.

Memo Therapeutics Expands Clinical Trials for MTX-COVAB

The Series B funding will enable Memo Therapeutics to propel its lead antibody candidate, MTX-COVAB, into Phase 2 clinical trials. MTX-COVAB is a fully human antibody isolated from clinically selected convalescent COVID-19 donors. The company claims that the antibody is capable of neutralizing all major known variants of the virus, an essential feature as new strains continue to emerge globally.

Memo Therapeutics has already agreed on an accelerated development plan with regulatory authorities, and the company plans to begin clinical trials for MTX-COVAB in 2021. The funding will also facilitate the production of Good Manufacturing Practice (GMP)-grade material, which is required for human clinical trials.

The clinical advancement of MTX-COVAB reflects Memo Therapeutics’ commitment to providing a potent therapeutic solution for COVID-19, a virus that continues to challenge global health systems. The company’s ability to develop antibodies that can address not only the original virus but also its variants is a critical aspect of its strategy to combat the ongoing pandemic.

Advancing BK Virus Research in Kidney Transplant Patients

In addition to its COVID-19 efforts, Memo Therapeutics will use the proceeds from this funding round to advance MTX-005, a neutralizing antibody targeting BK virus infection, which is a significant concern for kidney transplant patients. BK virus is known to cause renal damage, leading to potential graft loss and compromised patient health. MTX-005 aims to provide a therapeutic option for these vulnerable patients, potentially improving post-transplant outcomes and reducing the risk of graft rejection.

BK virus infections are a growing concern in the field of renal transplantation, and Memo Therapeutics’ approach to antibody development offers promising potential for managing this condition. The progress of MTX-005 into Phase 2 clinical trials marks another key milestone for the company in expanding its therapeutic portfolio.

Innovation in Antibody Discovery

Memo Therapeutics’ innovative approach to antibody discovery has caught the attention of major investors. The company utilizes microfluidic single-cell molecular cloning, a cutting-edge technology that enables the identification and development of highly specific and potent antibodies. Dr. Karsten Fischer, CEO of Memo Therapeutics, emphasized that the involvement of Swisscanto Invest and BERNINA BioInvest validates the company’s approach to antibody discovery and highlights its significant future potential.

Dr. Robert Schier, Investment Director at Swisscanto Invest, expressed confidence in Memo Therapeutics’ ability to drive innovation in antibody development. He stated, “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.”

Looking Ahead: Expanding the Pipeline

With the success of this financing round, Memo Therapeutics is poised to expand its pipeline further. The company is also exploring the development of additional antibodies for the treatment of various infectious diseases and potentially cancer. Furthermore, Memo Therapeutics plans to enhance its corporate partnering activities, forging strategic collaborations to advance its mission of delivering groundbreaking immunotherapies.

The Series B funding will not only enable the company to move forward with its clinical trials but also strengthen its position in the competitive biotech landscape. As Memo Therapeutics continues to make strides in antibody discovery and development, it is well-positioned to become a key player in the global biopharmaceutical market.

A Significant Step Towards Combatting Global Health Challenges

Memo Therapeutics’ successful Series B funding round is a significant development in the company’s efforts to combat some of the most pressing health challenges of our time, including COVID-19 and BK virus infections. With the backing of prominent investors and a strong commitment to innovation, Memo Therapeutics is poised to make a lasting impact in the biotech sector. As the company advances its clinical trials and expands its portfolio, the future looks bright for this promising Swiss biotech firm.