STORM Therapeutics Awarded Innovate UK Grant to Discover and Develop a Novel Coronavirus Therapy Targeting an RNA-Modifying Enzyme

CAMBRIDGE, England, May 3, 2022 /PRNewswire/ -- STORM Therapeutics, the biotechnology company focused on the discovery of small molecule therapies targeting RNA epigenetic mechanisms, today announces that it has been awarded a Biomedical Catalyst grant by Innovate UK to research and develop new drugs directed against a unique SARS-CoV2 protein utilizing STORM's proprietary RNA epigenetic platform.

STORM has established a novel drug discovery platform to enable the identification of first in class inhibitors targeting RNA-modifying enzymes for oncology, infection, and inflammatory diseases. The platform is exemplified by STORM's METTL3 inhibitor (STC-15) which is planned to enter Phase 1 clinical trials in the second half of 2022 to evaluate its potential as an oral immunologic agent for the potential treatment of various human malignancies.

The Innovate UK grant will allow STORM to develop a drug acting on a key coronavirus protein that is not targeted by current treatments. Generation of such a drug will provide a valuable option for treating Covid-19 and other coronavirus diseases which can be used alongside existing therapeutic approaches or to address the impact from any emerging drug resistant virus strains.

The coronavirus pandemic has caused unprecedented damage to global health, society, and the economy. As part of the ongoing global response to the pandemic, it is important that society develops a suite of drugs to target coronaviruses and prepare against future outbreaks and variants.

Tim Edwards, Chairman of STORM Therapeutics, said: "We are delighted that STORM's world leading expertise in this area has been recognised by Innovate UK to help us apply our research and development platform to aid in the global fight against Covid-19. STORM's unique platform paves the way to the discovery of first-in-class drugs for challenging diseases through modulating RNA modifying enzymes. The drug that we are developing has the potential to be effective against other viruses from the coronavirus family and be an effective treatment option for patients in any future coronavirus family outbreak."

About STORM Therapeutics

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. Storm is the leading company tackling disease through modulating RNA modifying enzymes.  STORM has established a novel drug discovery platform to enable the identification of first in class inhibitors targeting RNA-modifying enzymes for oncology, infection, and inflammatory diseases.  The platform is exemplified by STORM's METTL3 inhibitor (STC-15) which is planned to enter Phase 1 clinical trials in the second half of 2022 to evaluate its potential as an oral immunologic agent for the potential treatment of various human malignancies.

STORM is backed by blue chip investors Cambridge Innovation Capital, M Ventures, Pfizer Ventures, Taiho Ventures LLC, Seroba Life Sciences, and IP Group, who share the team's ambitions to build a world-leading company in the field.

About the Biomedical Catalyst

The Biomedical Catalyst (BMC) is a unique partnership between the MRC and Innovate UK, providing responsive and effective support to the most innovative life sciences opportunities regardless of scientific approach. The BMC aims to de-risk innovative science and commercialise ideas arising out of academia and industry helping UK SMEs to develop into competitive and sustainable organisations. This accelerates the progress of novel products to market, facilitates onward investment and bridges "the valley of death." For further information please visit: https://mrc.ukri.org/funding/science-areas/translation/biomedical-catalyst/ 

Innovate UK

Innovate UK is part of UK Research and Innovation, a non-departmental public body funded by a grant-in-aid from the UK government. Innovate UK drives productivity and economic growth by supporting businesses to develop and realise the potential of new ideas, including those from the UK's world-class research base. They connect businesses to the partners, customers and investors that can help them turn these ideas into commercially successful products and services, and business growth. For more information, please visit www.innovateuk.org.