British Patient Capital, the venture capital subsidiary of UK government-owned British Business Bank, has invested in London-based life sciences company Myricx Bio.
The undisclosed sum is part of a £90m Series A financing round to further develop the London-based company’s cancer drug technology.
British Patient Capital made its investment through the £425m Future Fund: Breakthrough programme.
The funding round was co-led by life science investors Novo Holdings and Abingworth.
New investors Cancer Research Horizons and Eli Lilly and Company also participated, along with original investors Brandon Capital and Sofinnova Partners.
Myricx, a spin-out from Imperial College London and the Francis Crick Institute, is developing a new technology that delivers drugs directly to targeted cells with minimal side effects compared to traditional treatments.
The funds raised will be used to further develop Myricx’s technology, which targets an enzyme called NMT that enables cancer cells to survive.
The drug aims to prevent cancer cells from surviving and multiplying by inhibiting this enzyme.
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Ian Connatty, managing director of direct and co-investment at British Patient Capital, said: “Myricx is a standout UK company, with impressive pre-clinical data in a commercially attractive sector.
He added that it will “bring novel treatment options to patients with serious unmet needs in oncology a step closer.”
Carmine Circelli, director of life sciences at British Patient Capital added that they believe Myricx’s approach has the potential to treat a wide range of patients, including those that do not respond to current therapies.
“We are excited to be working with the Myricx team and syndicate on the next chapter of this journey,” Circelli said.
British Patient Capital recently also invested £10m into biotech firm Curve Therapeutics to support its cancer drug discovery technology.
Chief executive of Myricx Bio, Dr Robin Carr, said: “I am delighted to welcome our new investors and thank them for their support as we enter our next phase of development.
Myricx now has the resources to grow into a fully-fledged R&D company with our own laboratories, and an in-house R&D team with expanded management capabilities,” he added.