Storm Therapeutics, the UK-based biotech specialising in modulating RNA modifying enzymes has announced that it has raised an extra £14m ($17.8m) from investors.
The additional funds come from Dublin-based life science venture capital firm Seroba Life Sciences, and brings the biotech’s total Series A financing to £30m.
The new money adds to existing investment from Cambridge Innovation Capital, M Ventures, Pfizer Ventures, Taiho Ventures and IP Group, who also took part in the fundraising.
First set up in 2015 by epigenetics and RNA specialists Professor Tony Kouzarides and Professor Eric Miska, the Cambridge-based company has a pipeline of early-stage molecules in development in oncology and other disease areas.
The company says the new funds will help it advance its broad pipeline towards the clinic, with the platform based on RNA modulating enzymes. This is a new approach to the RNA therapeutics field, where Alnylam has pioneered a ‘RNA silencing’ modality.
STORM has also just hired Mark Albertella as vice president of translational oncology. Previously director of biology at Medivir, Albetella has a successful track record in oncology drug discovery and development at Argenta, OSI Pharmaceuticals, Kudos and AstraZeneca.
Keith Blundy
Dr Keith Blundy, chief executive of Storm Therapeutics, said: This investment strengthens our Series A and provides further validation and support for Storm’s strategy to continue building a world-leading company harnessing the power of RNA epigenetics – an emerging, innovative area of drug discovery. It comes at an exciting stage as Storm starts translating its unique platform into effective treatments in oncology and beyond.
Bruno Montanari, partner at Seroba, added: “We have been closely following the RNA space for some time tracking a number of key players. We believe Stormis maintaining its first-mover advantage in RNA epigenetic modulation and is progressing rapidly in its development, making this an exciting time for us to partner with management and co-investors. We continue to be impressed by the quality and depth of Storm’s science and the significant progress made by the team to advance its platform and pipeline in this fast-moving area of emerging biology.”