Storm Therapeutics has closed a $56 million series C financing as the British biotech kicks off a phase 2 sarcoma trial of its RNA-modifying enzyme inhibitor.
Proceeds from the financing will support the mid-stage study of a METTL3 inhibitor dubbed STC-15, which is designed to reprogram malignant progenitor cells by modulating mRNA methylation, according to an April 16 release. The trial, for which the first patient has now been dosed, will assess STC-15 as a monotherapy in various sarcoma indications.
Storm has designed the study to support a potential accelerated regulatory approval pathway for STC-15 in sarcoma, with hopes of also expanding the therapy to other cancers.
Storm spun out of the U.K.’s Cambridge University in 2015 with a mission to develop small-molecule modulators of RNA-modifying enzymes. The company’s initial investors included the venture arms of both Pfizer and Germany’s Merck KGaA. The latest raise saw Pfizer Ventures return alongside other previous backers, including M Ventures, Taiho Ventures, IP Group, UTokyo Innovation Platform and Fast Track Initiative.
METTL3 is an RNA-modifying enzyme that regulates cancer stem cell differentiation, a process critical to the development of sarcomas and other cancers. Sarcomas rely on METTL3-driven methylation for growth and survival, as transformed mesenchymal stem cells develop into malignant connective tissue cells. These cancers account for about 1% of adult cancers and 15% of pediatric cancers, according to Storm.
Results from STC-15’s phase 1 study—where the company said demonstrated tumor regression across multiple sarcoma subtypes—will be presented at an upcoming medical conference this year.
Storm CEO Jerry McMahon described the financing and phase 2 initiation as a “pivotal breakthrough” in the release. “This milestone highlights our scientific innovation and the potential to create new therapeutic options for patients with substantial unmet needs,” he added.
