Memo Therapeutics awarded grant of CH 10.5 million

Based in the Greater Zurich Area, the biotechnology firm Memo Therapeutics AG has been awarded a grant under a funding program for the development of COVID-19 drugs operated by the Federal Council, the Swiss federal government. According to a press release, the sum of 10.5 million Swiss francs is intended to support the clinical development of the fully-human monoclonal antibody COVAB 36 for the treatment of SARS-CoV-2 infections. COVAB 36 is administered via inhalation, which could help to boost patient acceptance. In addition, this funding could also support the development of a combination antibody partner for COVAB 36 that is effective against newly emerging variants by way of an ultra-fast update process.

“We have been able to confirm outstanding activity in a relevant in vivo model supporting the significant potential of COVAB 36 in tackling SARS-CoV-2 infection”, comments Karsten Fischer, CEO of Memo Therapeutics AG. Christoph Esslinger, Chief Scientific Officer, adds: “This funding represents a further external validation of our leading antibody discovery platform, as we passed a thorough examination process where only projects with significant potential of clinical innovation and high level of scientific quality were selected”. Once preclinical development is completed, a Phase I clinical trial with COVAB 36 will be launched in the first quarter of 2022. Memo Therapeutics is a spin-off from the Swiss Federal Institute of Technology in Zurich (ETH).

In addition to Memo Therapeutics, the Federal Council has also awarded grants to three other Swiss biopharmaceutical firms under its funding program for COVID-19 drugs, namely Noorik Biopharmaceuticals, Kinarus AG and GeNeuro. In total, the Federal Council has made funding of 27 million Swiss francs available for this purpose. The funding program was established by the Federal Office of Public Health (FOPH) with the support of Innosuisse, the Swiss Innovation Agency.