Memo Therapeutics announced closing a CHF 14 million Series B financing from Swisscanto Invest by Zürcher Kantonalbank et al

Memo Therapeutics AG, a Zurich, Switzerland-based biotech company active in the field of antibody discovery and immune repertoire analysis, announced securing funding of CHF 14 million ($15.3M) in Series B financing.

The money was raised from Swiss investors led by Swisscanto Invest by Zürcher Kantonalbank and including BERNINA BioInvest, as well as new private investors and existing investors Investiere, Schroder Adveq, Jaquet Partners, and Redalpine.

The proceeds of the financing will be used primarily to advance development of MTX-COVAB, Memo Therapeutic AG’s lead antibody candidate for the treatment of COVID-19 through to Phase II clinical studies, including 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. Memo Therapeutics AG has agreed a fast-track development plan for MTX-COVAB with regulatory authorities and plans to begin clinical studies in 2021.

Memo Therapeutics AG, founded in 202 and led by CEO Karsten Fischer, developed an antibody discovery platform that 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 platform captures and preserves entire B-cell repertoires from any donor species and any B-cell type in recombinant form for display using mammalian cells. The antibody repertoires are subsequently screened in single-cell format using microfluidic screening technology that can assess millions of candidate antibodies directly in functional assays, resulting in recombinant clonal cell lines expressing monoclonal antibodies (mAbs) with the desired functional properties.

Memo Therapeutics previously raised about $7 million.