Extra £14m pushes STORM Series A funding to £30m
Cambridge UK startup STORM Therapeutics has raised an additional £14 million taking its total Series A round to £30m. The financing includes funding from new investor, Seroba Life Sciences in Dublin.
STORM's existing investors, Cambridge Innovation Capital, M Ventures, Pfizer Ventures, Taiho Ventures and IP Group also participated in the fundraise.
STORM 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.
The funding will enable STORM to advance its broad pipeline further in preclinical development and accelerate its programmes towards the clinic, supporting STORM's growth as the leading drug discovery company working on RNA modulating enzymes.
STORM has also appointed Dr Mark Albertella as VP Translational Oncology. Dr Albertella was previously Director of Biology at Medivir AB and has a successful track record in oncology drug discovery and development at Argenta, OSI Pharmaceuticals, Kudos and AstraZeneca.
Dr Keith Blundy, CEO of STORM Therapeutics, said: "I am pleased to welcome Seroba to our investor syndicate and I would like to thank our existing investors for their continued support.
“This investment strengthens our Series A and provides further validation and support for STORM's strategy to continue building a world-leading company harnessing the power of RNA epigenetics - an emerging, innovative area of drug discovery.
“It comes at an exciting stage as STORM starts translating its unique platform into effective treatments in oncology and beyond. Mark's expertise in cancer drug discovery and development, encompassing in vitro and in vivo biology, translational and clinical research, will be invaluable to STORM as it progresses its pipeline towards the clinical stage."
Bruno Montanari, Partner at Seroba, added: "We have been closely following the RNA space for some time tracking a number of key players. We believe STORM is maintaining its first-mover advantage in RNA epigenetic modulation and is progressing rapidly in its development, making this an exciting time for us to partner with management and co-investors.
“We continue to be impressed by the quality and depth of STORM's science and the significant progress made by the team to advance its platform and pipeline in this fast-moving area of emerging biology."