Memo Therapeutics raises 14 million Swiss francs

The biotechnology company Memo Therapeutics has raised a total of 14 million Swiss francs as part of a Series B financing round. This should now ensure that the company is able to finance the further clinical development of its antibodies against Covid-19.

Karsten Fischer, CEO of Memo Therapeutics AG.
Karsten Fischer, CEO of Memo Therapeutics AG. Image Credit: Memo Therapeutics

The biotechnology firm Memo Therapeutics AG from Schlieren in the canton of Zurich has raised a total of 14 million Swiss francs as part of a Series B financing round. The B financing will serve to finance the successful start-up’s future growth. According to a press release, the financing round was led by Swisscanto Invest, which is owned by the Cantonal Bank of Zurich, and Bernina BioInvest, as well as additional private investors. These also included existing investors such as Schroder Adveq, Jaquet Partners, Redalpine and the start-up financiers Investiere.

“We are thrilled that with Swisscanto Invest and Bernina BioInvest we could attract two new renowned investors into our existing syndicate to support the clinical development of our two antiviral assets. We see this as validation of our antibody discovery approach and the huge future potential for the company”, comments Karsten Fischer, CEO of Memo Therapeutics AG, in the press release.

One of the drugs Fischer alludes to is MTX-COVAB, an antibody candidate used to treat Covid-19 that is to be trialled in a Phase II clinical study. The other is the neutralizing antibody MTX-005, which is targeted against BK virus infections in renal transplant patients.

Memo Therapeutics is a spin-off from the Swiss Federal Institute of Technology in Zurich (ETH) with its headquarters at the Bio-Technopark Schlieren-Zurich.

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