STORM Therapeutics Announces Closing of US$30 Million Series B Funding
- Proceeds advance STORM’s potential first-in-class clinical program targeting METTL3 for the treatment of solid tumors and leukemia
- Funding will further expand STORM’s new discovery platform and create additional products targeting RNA modifications
Cambridge, UK, 14th December 2022: STORM Therapeutics Ltd. (STORM) is a clinical biotechnology company discovering and developing novel small molecule therapeutics targeting RNA modifying enzymes (RMEs) for oncology and other diseases. Announced the successful completion of its US Dollar Series B funding round.
The funding comes from existing investors M Ventures, Pfizer Ventures, Taiho Ventures LLC, Cambridge Innovation Capital (CIC), and new investors Fast Track Initiative (FTI) and Todai Innovation Platform Co., Ltd. (UTokyo IPC). co-led. Existing investors Seroba Life Sciences and IP Group plc also participated in the round.
Dr. Jerry McMahon, CEO of STORM Therapeutics, said: “STORM marks a milestone year in growth and development, introducing into the clinic a first-in-class candidate STC-15, which targets the RNA methyltransferase METTL3, establishing STORM as a pioneer of this new class of enzymes. proceeds will support ongoing multi-dose escalation study of STC-15 and advance pipeline of innovative products targeting RNA-modifying enzymes for oncology, inflammation, CNS and viral diseases We are pleased to welcome FTI and the University of Tokyo IPC to our company, and would like to thank our existing investors for their continued dedication and support. , we look forward to making a difference in 2023 as we continue to build our innovative pipeline.”
Hakan Goker, Managing Director of M Ventures and STORM board member, commented on behalf of the investor syndicate: “We welcome new investors to the STORM Syndicate. Since its inception, STORM has systematically executed its milestones and successfully delivered best-in-class programs to clinics. At the forefront of RNA modification, STORM has become a global leader in RME, oncology and We believe we are well positioned to create new therapies for use in other diseases.”
In November 2022, STORM’s first-in-class candidate, STC-15, has entered a Phase 1 clinical trial. This study, an orally bioavailable, highly selective METTL3 inhibitor, has initiated treatment of cancer patients with solid tumors. Details of the trial can be found at Clinical Trials. Government under the identifier NCT05584111. Initial results from the Phase 1 trial are expected to be announced in 2023. STC-15 triggers both direct cytotoxicity and immune-response-based efficacy mechanisms in solid tumor and leukemia models. STORM recently presented preclinical data at the 34th EORTC-NCI-AACR and SITC conferences in November 2022, demonstrating blockade of METTL3 and its impact on innate immune responses. These results supported the successful IND submission and initiation of Phase 1 clinical trials for a potential treatment for cancer patients with solid tumors.