Cambridge's cancer drug spinout Storm Therapeutics convinced its existing investors to join new participant Seroba Life Sciences for a second extension that brought its series A total to $38.2m.

Storm Therapeutics, a UK-based developer of epigenetic cancer therapies spun out of University of Cambridge, today extended its series A round to £30m ($38.2m) with a third tranche sized at $17.8m.
Cambridge Innovation Capital (CIC), the university’s affiliate patient capital fund, took part in the extension alongside commercialisation firm IP Group and venture firm Seroba Life Sciences.
M Ventures, Pfizer Ventures and Taiho Ventures – respective investment subsidiaries of pharmaceutical firms Merck Group, Pfizer and Taiho Pharmaceutical – filled out the extension.
IP Group subsidiary Touchstone Innovations – then known as Imperial Innovations – had backed Storm’s initial $16m series A tranche in 2016 alongside M Ventures and Pfizer Ventures, before Taiho Ventures added $5.4m to the round in January last year.
Founded in 2015 as Iceni Therapeutics, Storm Therapeutics is working on cancer medications that target epigenetic RNA-modifying enzymes. RNA is the template for the synthesis of proteins and an important part of cellular decision making.
Storm believes it can deliver new treatments by focusing on RNA subtypes not previously exploited for oncological purposes.
The spinout will use the additional capital to push its drug candidates through preclinical development. Storm recently appointed Mark Albertella, former director of oncological drug developer Medivir, as its vice-president for translational oncology.
Storm Therapeutics was co-founded by Tony Kouzarides, a professor of cancer biology at University of Cambridge’s Gurdon Institute, and his colleague Eric Miska, the Herchel Smith professor of molecular genetics.
CIC appears to have supplied the spinout with an undisclosed amount of seed funding in 2015, according to a report for investor conference Biotech Showcase, though further details could not be confirmed.
Keith Blundy, chief executive of Storm Therapeutics, said: “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.”