Schroders Cap Glbl - Investment in Memo Therapeutics
20/11/2023 07:00
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RNS Number : 8835T Schroders Capital Global Innovation 20 November 2023
Schroders Capital Global Innovation Trust plc
Investment in Memo Therapeutics
Schroders Capital Global Innovation Trust plc (the "Company") is pleased to
announce it has made a commitment of CHF 0.9 million (£0.8 million) to Memo
Therapeutics AG ("Memo"), a Switzerland-based clinical-stage biopharmaceutical
company. The Company participated in Memo's Series C financing round, which
raised CHF 25 million and was led by Pureos Bioventures. Existing investors
Swisscanto, Vesalius Biocapital, Adjuvant Capital, Verve Ventures, GF Group,
Fresenius Medical Care Ventures, and Red Alpine also joined the round.
Memo develops novel therapeutic antibodies for patients with viral infections
and cancer. Memo's unique antibody discovery and functional screening platform
enables the identification, isolation, and selection of antibodies from
patient samples or vaccinated animals. This technology helps Memo to discover
antibodies with the potential to treat diseases using rare antibodies that
other methods might miss.
The Series C funding will support Memo in completing the U.S. Phase II
clinical development of their leading antibody, AntiBKV. This antibody is
designed to neutralize BK virus (BKV) infection in kidney transplant
recipients. BKV infection can have serious adverse effects on graft function
and patient survival following a transplantation procedure. Currently there
are no regulatory approved therapeutics to treat BVK infection in kidney
transplant recipients. With Phase II clinical data expected in 2024, the
funding will also enable Memo to prepare for large-scale manufacturing of
AntiBKV for a Phase III study and potential market entry. Additionally, the
investment will help Memo advance its pipeline of other experimental antibody
therapeutics.
Tim Creed, Lead Portfolio Manager, and Harry Raikes, Co-Portfolio Manager
commented: "This is the seventh new investment in our portfolio sub-strategy
of backing innovative life science companies at the near-clinical or clinical
stage of development. We believe Memo is a highly complementary addition to
the company's portfolio. AntiBKV has solid pre-clinical efficacy and clinical
safety data with near term Phase II clinical efficacy data expected in 2024. A
positive phase II readout has the potential to drive a significant value
inflection for Memo and may enable a material improvement in the quality of
life for kidney transplant recipients with BKV infection."
Enquiries:
Schroder Investment Management Limited
Augustine Chipungu (Press) 0207 658 2106
John Spedding 0207 658 3206
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