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STORM Therapeutics Closes $30M Series B Financing

STORM Therapeutics Ltd., which is working on discovering and developing novel small molecule therapies targeting RNA modifying enzymes (RMEs) for oncology and other diseases, has successfully completed a $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.

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.”

Results in 2023

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. 

Initial results from the phase 1 study are anticipated to be presented in 2023. 

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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.

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Article: labiotech.eu

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