Memo Therapeutics increases C-Series to 45 million Swiss francs

Schlieren ZH – Memo Therapeutics has successfully raised 20 million Swiss francs as part of an expansion of its Series C financing. This brings the total amount of the financing round to CHF 45 million.

The Schlieren-based biotech company Memo Therapeutics AG (MTx) has increased its Series C financing to a total of CHF 45 million by raising an additional CHF 20 million. According to the press release, the additional funds were raised from new investors Ysios Capital and Kurma Partners as well as from existing investors.

According to the press release, the new funds will be used for the clinical development of Memo Therapeutics' lead product, AntiBKV. The Phase II study will be extended to include a dose extension, making it the largest study ever conducted in kidney transplant patients for the treatment of BK viremia. The disease represents a potential market of over 1 billion dollars and is caused by the BK virus, which can reactivate in immunosuppressed kidney transplant patients and lead to severe complications. The first data from the Phase II trial are expected in the first half of 2025.

"Every year, more than 100,000 kidney transplants are performed worldwide, and 20,000 of them are at risk of developing BK virus-associated nephropathy. With no disease-modifying therapies available, there is an urgent need for treatment," said Erik van den Berg, CEO of Memo Therapeutics.

"We believe Memo Therapeutics has developed a very potent antibody that can solve the growing problem of BKV infections in kidney transplant recipients," Thomas Harth, Principal at Ysios Capital, is quoted as saying. "As this antibody is able to preserve the kidney and ensure the outcome of the transplant, it could offer enormous benefits to patients."

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

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