STORM Therapeutics announces closing of USD $30M Series B financing
Proceeds will advance STORM’s potential first-in-class clinical program targeting METTL3 for treatment of solid tumors and leukemias
Financing will further expand STORM’s novel discovery platform to create additional products targeting RNA modification
STORM Therapeutics Ltd. (STORM), the clinical biotechnology company discovering and developing novel small molecule therapies targeting RNA modifying enzymes (RMEs) for oncology and other diseases, today announced the successful completion of a USD $30 million Series B financing round.
The financing was co-led by existing investors M Ventures, Pfizer Ventures, Taiho Ventures LLC, Cambridge Innovation Capital (CIC) and new investors Fast Track Initiative (FTI) and the UTokyo Innovation Platform Co., Ltd. (UTokyo IPC). Existing investors, Seroba Life Sciences and IP Group plc also participated in the round.
Dr Jerry McMahon, CEO of STORM Therapeutics, 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. I am delighted to welcome FTI and UTokyo IPC to the Company and I would like to thank our existing investors for their continued dedication and support. I look forward to a transformative 2023 as we continue to advance our clinical program and build our innovative pipeline.
Hakan Goker, Managing Director of M Ventures, and STORM board director, commented on behalf of the investor syndicate:
We welcome the new investors to the STORM syndicate. Since its inception, STORM has systematically executed on its milestones and successfully delivered a first- inclass program into the clinic. We are proud to continue supporting the Company and its highly experienced team as they achieve clinical data and further grow their RNA modulation discovery platform. At the forefront of RNA modification, we believe STORM is well positioned to become a global leader in the field of RME, creating novel therapies for use in oncology and other diseases.
A Phase 1 clinical study of STORM’s potential first-in-class candidate STC-15, an orally-bioavailable, highly selective METTL3 inhibitor, commenced treatment of cancer patients with solid tumors in November 2022. Details of the study can be found on clinicaltrials.gov under the identifier NCT05584111. Initial results from the Phase 1 study are anticipated to be presented in 2023. STC-15 triggers both direct cytotoxic and immune response based efficacy mechanisms in solid tumor and leukemia models. STORM recently presented preclinical data at the 34th EORTC-NCI-AACR and SITC meetings in November 2022, demonstrating blockade of METTL3 and effects on the innate immune response. These results supported a successful IND filing and the initiation of a Phase 1 clinical study for the potential treatment of patients living with cancer with solid tumors.