Memo Therapeutics increases Series C financing to 45 million francs

Biotech company Memo Therapeutics AG (MTx) from Schlieren in the canton of Zurich has increased its Series C financing by an additional 20 million Swiss francs, bringing the total amount raised to 45 million francs. According to a press release, the additional funds were acquired from new investors Ysios Capital and Kurma Partners, as well as from existing investors.

The press release explains that the new funding will be used to further the clinical advancement of Memo Therapeutic’s lead product, AntiBKV. The Phase II trial will be expanded with a dose evaluation extension, making it the largest BK viremia therapeutic study ever conducted in kidney transplant patients. The disease represents a potential market of over $1 billion and is caused by the BK virus, which can be reactivated in immune-suppressed kidney transplant patients and cause serious complications. The first data from the Phase II trial are expected in the first half of 2025.

“There are more than 100,000 kidney transplants worldwide each year and 20,000 of these are at risk from developing BK virus associated nephropathy. With no disease modifying therapies available, there is an urgent need for a treatment,” says Erik van den Berg, CEO of Memo Therapeutics.

“We believe Memo Therapeutics has developed a very powerful antibody that can address the growing concern of BKV infections in kidney transplant recipients,” adds Thomas Harth, Principal at Ysios Capital. “By being able to preserve the kidney and ensure graft outcome, this antibody could offer a tremendous benefit to patients.”

Memo Therapeutics is a spin-off from the Swiss Federal Institute of Technology in Zurich (ETH), and is based in the Bio-Technopark Schlieren-Zürich. ce/gba