STORM Therapeutics has raised $30m in a Series B financing round to advance its potential clinical programme targeting METTL3 to treat solid tumours and leukemias.
This financing round was led by the company’s existing investors, Pfizer Ventures, Cambridge Innovation Capital (CIC), Taiho Ventures, and M Ventures.
It has also seen participation from new investors the UTokyo Innovation Platform (UTokyo IPC) and Fast Track Initiative (FTI), along with existing investors, IP Group and Seroba Life Sciences.
STORM Therapeutics intends to use the funds to further expand its new discovery platform for creating additional products targeting RNA modification.
The company stated that a Phase I clinical study of its orally bioavailable, highly selective METTL3 inhibitor, STC-15, started treating solid tumour patients last month.
The open-label, first-in-human, multi-centre study is designed to systematically evaluate pharmacodynamics, tolerability, safety, pharmacokinetics, and clinical activity of STC-15 in adult subjects with advanced malignancies.
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Initial data from the trial are expected to be presented next year.
The METTL3 inhibitor triggers direct cytotoxic and immune response based efficacy mechanisms in leukemia and solid tumour models.
STORM Therapeutics CEO Dr Jerry McMahon said: “STORM has had a milestone year of growth and development, bringing its potential first-in-class candidate STC-15, which targets the RNA methyltransferase, METTL3, into the clinic and establishing STORM as a pioneer in this novel enzyme class.
“The proceeds from the financing will support the ongoing multiple-ascending dose trial of STC-15 and further facilitate STORM as we advance our pipeline of innovative products targeting RNA modifying enzymes for oncology, inflammation, CNS, and viral diseases.”