British Biotech Hits its Series A Goal and then Keeps Going
Despite raising a respectable £12M, Storm Therapeutics has kept going and raised another £4M for its Series A, which will boost the company’s drug pipeline.
Storm Therapeutics spun-out of the University of Cambridge to translate research in RNA epigenetics into therapeutics for cancer and other diseases. It is developing technology to modulate RNA-modifying enzymes like RNA methyltransferase. The company had already raised £12M (€13.5M) from investors including Cambridge Innovation Capital, Merck Ventures, Pfizer Ventures and Touchstone Innovations back in June 2016. However, Storm has been able to raise another £4M (€4.5M) from Taiho Ventures. The money will go towards expanding and accelerating the company’s pipeline.
RNA therapies is a very exciting area, which could see Sanofi and Alnylam’s RNAi drug for hereditary ATTR amyloidosis become the first product on the market this year. Elsewhere, BioNTech is working on a personalized cancer therapies using mRNA, with Moderna Therapeutics working on something similar.
Storm’s approach is different to that of most other biotechs in this field, as it targets the enzymes that control RNA epigenetics. These chemical modifications control the activity of mRNA and non-coding RNA, which play an important role in cellular protein synthesis and decision-making, respectively.
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