Memo Therapeutics increases Series C funding to CHF 45 million

PRESS RELEASE

Memo Therapeutics increases Series C funding to CHF 45 million

Additional CHF 20 million raised from new investors Ysios Capital and Kurma Partners, as well as from existing investors

Proceeds will be used to expand Phase II of the best anti-BK virus antibody into 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 biotech company developing a best-in-class BKV neutralizing antibody for BKV infection in kidney transplants, today announced that it has successfully raised CHF 20 million as part of an expansion of its Series C financing, bringing the total amount raised in the financing round to CHF 45 million.

The new funding will be used to enhance the clinical advancement of MTx’s lead product, AntiBKV, expanding the Phase II study with a dose evaluation extension to become the largest therapeutic study of BK viremia ever conducted in recipients of a kidney transplant. The disease represents a potential market of more than $1 billion and is caused by the BK virus, which can be reactivated in immunosuppressed kidney transplant patients, leading to serious complications. First data from the Phase II study are expected in the first half of 2025.

The funding will further support the development of MTx’s pipeline by leveraging its B-cell screening platform to select best-in-class humanized antibodies for other viral infections and oncology.

Erik van den Berg, CEO of Memo Therapeutics, comments: “This funding provides further external approval of the potential of our highly potent anti-BK virus mAb and our clinical strategy to bring it to patients as quickly as possible. More than 100,000 kidney transplants are performed annually worldwide and 20,000 of these are at risk of developing BK virus-associated nephropathy. With no disease-modifying therapies available, there is an urgent need for treatment. With the FDA having already secured fast track designation for the product, we look forward to rapidly advancing the development of AntiBKV.”

The story continues

New investors Ysios Capital and Kurma Partners participated in the extension round, joining existing Series C round investors including Pureos Bioventures, Swisscanto, Vesalius Biocapital, Adjuvant Capital, Verve Ventures, Schroders Capital, GF Group, Fresenius Medical Care Ventures and Red Alpine.

Thomas Harth, director at Ysios Capital, stated: “We believe Memo Therapeutics has developed a highly potent antibody that can address the growing concern about BKV infections in kidney transplant recipients. By being able to preserve the kidney and ensure the outcome of the transplant, this antibody could provide a huge benefit to patients. Deriving antibodies in screening the B cell repertoire provides a route to the best antibody drugs for multiple diseases. We believe MTx has one of the best engines in the industry to do this.

We are encouraged to support MTx in its mission to address the unmet medical need of BK viremia and beyond. MTx fits strongly with Ysios’ investment strategy to support breakthrough medicines.”

Added Hadrien Bouchez, partner at Kurma Partners: “MTx has an exceptional 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 underlines our commitment to supporting companies ready to make a significant impact on global healthcare.”

Thomas Harth, director at Ysios Capital and Hadrien Bouchez, partner at Kurma Partners will join the Board of Directors of Memo Therapeutics.

In addition to AntiBKV, Memo Therapeutics is developing a panel of preclinical agents in the field of cancer and viral infections. These are based on the ability of MTx’s antibody discovery platform DROPZYLLA® to interrogate the antibodyomes of elite controllers of infections and cancer.

-Ends-

About Memo Therapeutics AG
Memo Therapeutics AG (“MTx”) is a late-stage biotech company developing best-in-class therapeutic antibodies to transform the lives of patients with viral infections and cancer. MTx’s lead program, AntiBKV, is a highly effective and safe neutralizing antibody for the treatment of BK virus infections in kidney transplant recipients. This infection can lead to nephropathy, loss of kidney function, as well as organ failure and rejection. MTx’s pipeline consists of additional therapeutic antibody candidates targeting infectious diseases, such as cytomegalovirus (“CMV”), immuno-oncology targets, alone and in collaboration with Ono Pharmaceutical. MTx is a private company based in Schlieren / Zurich, Switzerland.

About the BK virus
BKV infection usually occurs in childhood and remains dormant in healthy individuals. However, BKV infection poses a significant threat after renal transplantation, with serious adverse effects on graft function, renal failure, and ultimately patient survival. Due to the immunosuppressive drug regimen that transplant patients receive, reactivation of BKV occurs in approximately 40% of kidney transplant recipients, with 20% experiencing systemic virological exposure. Up to 10% subsequently progress to BKV-associated nephropathy, the leading cause of graft loss. There is currently no disease-modifying therapy available to treat BKV infection; it can only be addressed by decreasing immunosuppression. However, this significantly increases the risk of a graft rejection reaction, which also leads to reduced functionality and longevity, or graft failure.

About Ysios Capital
Ysios Capital is a leading Spanish venture capital firm that provides private equity financing to highly innovative early and mid-stage life science companies that provide life-changing treatments to patients, with a focus on indications with high unmet need. They have a diverse international team in San Sebastián and Barcelona, ​​driven by science, with the ambition to translate capital into medical breakthroughs. Ysios Capital was founded in 2008 and has more than $450 million in assets under management through its three funds.

About Kurma Partners
Kurma Partners is a major European player in financing innovation in healthcare and biotechnology, from pre-seed to growth capital, in particular through its funds Kurma Biofund I, II, III, IV, Kurma Growth, Kurma Diagnostics and Kurma Diagnostics 2. as well as the ties the company has built with a network of prestigious research institutes and hospitals. Kurma Partners was founded in July 2009 and is based in Paris and Munich.