Storm Therapeutics, a Cambridge, UK-based clinical biotechnology company, raised $30M in Series B financing.
The round was co-led by M Ventures, and Pfizer Ventures, with participation from Taiho Ventures LLC, Cambridge Innovation Capital, Fast Track Initiative, UTokyo Innovation Platform, Seroba Life Sciences and IP Group plc.
The company intends to use the funds to further expand its novel discovery platform to create additional products targeting RNA modification. The proceeds will advance Storm’s potential first-in-class clinical program targeting METTL3 for treatment of solid tumors and leukemias and will further expand its novel discovery platform to create additional products targeting RNA modification.
Led by CEO Dr Jerry McMahon, Storm Therapeutics is a clinical biotechnology company creating novel therapies that inhibit RNA modifying enzymes (RME) for use in oncology and other diseases. The company has established a novel drug discovery and RNA analytics platform leading to the identification of novel targets and a proprietary pipeline of small-molecule drug candidates for potential use in oncology, inflammation, viral infection and CNS diseases. The pipeline is exemplified by STORM’s METTL3 inhibitor, STC-15 which has received IND approval and commenced its Phase 1 clinical study in cancer patients in November 2022. STC-15 represents the first ever RNA modifying enzyme inhibitor to enter clinical evaluation in humans. Additional programs are planned for advancement into IND-track activities in 2023.
FinSMEs
14/12/2022