STORM Therapeutics closes $30m Series B for expansion of RNA programme
STORM Therapeutics has closed its $30m Series B financing round, with proceeds set to expand STORM’s novel discovery platform.
The pipeline is exemplified by STORM’s METTL3 inhibitor, STC-15, which has received IND (investigational new drug) application approval from the FDA and commenced its Phase 1 clinical study in cancer patients last month.
STC-15 is an oral small molecule that inhibits METTL3 – an RNA methyltransferase implicated in oncology and other diseases. STORM presented preclinical data at the 34th EORTC-NCI-AACR and SITC meetings in November, demonstrating blockade of METTL3 and effects on the innate immune response. These results supported a successful IND filing in the US and the initiation of a Phase 1 clinical study for the potential treatment of patients living with cancer with solid tumors.
The small molecule triggers both direct cytotoxic and immune response-based efficacy mechanisms in solid tumour and leukemia models, and has been shown to inhibit tumour growth.
STC-15 is STORM’s lead clinical program and a potential first-in-class inhibitor of RNA modification. It is the first-ever RNA methyltransferase inhibitor to enter clinical evaluation in humans. Additional programs are planned for advancement into IND-track activities in 2023.
The financing was co-led by existing investors M Ventures, Pfizer Ventures, Taiho Ventures LLC, Cambridge Innovation Capital and new investors Fast Track Initiative and the UTokyo Innovation Platform Co. 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.”
Babraham-based STORM Therapeutics, founded in 2015, is a University of Cambridge spin-out translating the ground-breaking work of Professors Tony Kouzarides and Eric Miska in RNA epigenetics into the discovery of first-in-class drugs in oncology and other diseases.
Certain RNA methyltransferases are important regulators of RNA sensing and innate immune activation and represent novel immune-regulatory targets. There are more than 150 RNA modifications reported and approximately 300 RNA modifying enzymes which represent novel therapeutic targets.
Hakan Goker, managing director of M Ventures and STORM board director, said 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- in-class 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 (random monoallelic expression), creating novel therapies for use in oncology and other diseases.”
STC-15 commenced the dosing of the first patient in a Phase 1 clinical study in patients living with cancer with solid tumors in November 2022 and anticipates presenting results from its study in 2023.
