Myricx Bio Raises $114M in Series A Funding to Advance NMTi-ADCs Development

Antibiotic-drug conjugates (ADCs) are a highly competitive biologics segment. The strategic development of these molecules has drawn the attention of the largest pharmaceutical companies in China. However, Myricx Bio, based in the United Kingdom, has attracted significant investor interest due to its unconventional scientific focus. This London-based biotech company recently secured $114M in Series A financing, which aims to take two drug candidates into clinical trials within the next couple of years and increase its headcount.

Spirogen, an innovator in novel payload technologies, was acquired by AstraZeneca in 2013 and formed ADC Therapeutics, which launched the CD19-directed antibody-drug conjugate Zynlonta. Carr notes a trend in the U.K. and Europe to produce ADCs, pointing out that Myricx’s chairman, Chris Martin, is the founder of both Spirogen and ADC Therapeutics.

Despite these strong links to the U.K., Carr emphasizes that Myricx’s key competence lies not in its geographic location but in its global perspective. The company collaborates with key opinion leaders from Boston, Seattle, Geneva, and other locations worldwide, involving diverse areas of specialization.

Cofounded by chemist Andrew Bell, Ph.D.; scholar Ed Tate, Ph.D.; and serial entrepreneur Roberto Solari, Ph.D., Myricx’s essential know-how developed from Tate’s research at Imperial College London. Carr joined the team in 2019 after the biotech’s seed funding round. Myricx targets N-Myristoyltransferase, which plays a role in cancer cells by catalyzing the addition of a specific lipid modification to certain protein targets. Carr explains that targeting various NMT pathways simultaneously creates a mutually reinforcing cycle that interferes with cancer cell survival.

Initially, Myricx evaluated NMT inhibitors as standalone IV or oral drugs. However, preclinical findings and consultations with leading venture capitalists led the company to conjugate their payload to an ADC, reducing side effects and increasing specificity toward certain types of cancer. The first ADC designed by Myricx was effective and safe, prompting the company to focus on ADCs.

This shift extended the timeline to attract Series A funding from the expected 18 months to over four years. Nevertheless, the funding round was well received, attracting high-tier investors such as Abingworth and new investors like Eli Lilly and Novo Holdings. Other participants included Brandon Capital and Sofinnova Partners, the founders of the company.

According to Carr, discussions with Novo and Abingworth began last year, with these investors initially interested in Myricx’s work on small molecules. Eli Lilly developed interest after the public disclosure of Myricx’s initial ADC data. The funds will be used to initiate a phase 1 cancer trial in early 2026 and to advance the platform to obtain proof of concepts for two programs in 2027 and 2028. The company also plans to increase staffing from four full-time employees and a dozen consultants to 15 full-time employees while retaining the consultants.

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