Maxion Therapeutics scoops £2m Innovate UK grant
Innovate UK has awarded the Cambridge biotech firm Maxion Therapeutics a £2m grant from its Biomedical Catalyst fund.
The firm, founded in 2020, is working on antibodies for autoimmune diseases and chronic pain “with high unmet clinical need” by targeting the related cell surface proteins.
Dr John McCafferty, CEO and co-founder of Maxion Therapeutics, said: “Our ultimate goal is to significantly improve the quality of life of patients by preventing and treating devastating autoimmune conditions, through the expansion and optimisation of our innovative pipeline of candidate therapeutics.”
Maxion Therapeutics’ Innovate UK grant will go towards developing its antibodies and for running clinical trials.
The grant follows hot on the heels of Maxion Therapeutics’ £13m Series A led by LifeArc Ventures.
According to Maxion Therapeutics, four million people in the UK suffer from one of more than 80 autoimmune conditions, at an increasing incidence rate of 3-9% each year.
“KnotBody technology overcomes many of the challenges presented by conventional antibody development techniques, with an ability to specifically target ion channels linked to chronic autoimmune diseases,” said Dr Vellatt, CSO and co-founder of Maxion Therapeutics.
McCafferty and CSO Dr Aneesh Karatt Vellatt also co-founded IONTAS, acquired by FairJourney Biologics, before launching Maxion Therapeutics
McCafferty also co-founded Cambridge Antibody Technology, which AstraZeneca took over.