Biotechnology healthtech company Mnemo Therapeutics, developing cell therapies using a target identification engine, has announced the completion of its €75 million ($90 million) Series A financing.

The Paris-based company has set the record with France's largest Series A round, taking the spot from Vade Secure that raised a €65 million round in 2019.

The country's largest Series A financing was led by Casdin Capital, returning investor Sofinnova Partners, and an undisclosed investor, including participation from Redmile, Emerson Collective and Alexandria Venture Investments.

WHY IT MATTERS

The financing will enable the company to accelerate the development of the EnfiniT targeting and chimeric antigen receptors (CAR) T cell therapy platform combining the research from Institut Curie and Memorial Sloan Kettering Cancer Center (MSK).

EnfiniT is a set of technologies built around a novel epigenetic antigen (E-antigen) discovery engine, able to identify antigens with tumor specificity that are unique to cancer cells.

When combined with EnfiniT's proprietary set of technologies that increase CAR T cell memory and persistence, they enable a range of therapeutic options that can deliver clinical responses. Supported with autologous and allogenic cell manufacturing, Mnemo's EnfiniT platform will be able to overcome the current limitations of CAR T, creating cell therapies that aim to be effective and scalable.

THE LARGER CONTEXT

Other big funding stories in the continent include Madrid-based startup Overture Life IVF raising $15 million in a Series B funding to build on its mission to revolutionise embryology and make IVF more accessible.

Earlier this month, Swedish digital healthcare company Doktor.se announced a €50 million funding boost to develop its technical platform for mental health and chronic illnesses.

ON THE RECORD

Dieter Weinand, chairman of the Mnemo board of directors, said: "Mnemo is making tremendous advances in cell therapy research with an impressive, ambitious team of leaders expertly led by Alain, powerfully uniting the leading minds in CAR T from around the world. Ultimately, Mnemo has the potential to dramatically improve cell therapy and allow it to reach its full potential to fight tumors and overcome incurable cancers."

Antoine Papiernik, managing partner and chairman of Sofinnova Partners, said: "Our belief in Mnemo's unique, integrated approach to cell therapy compelled us to spearhead the seed round in 2019. Now, more than ever, we are confident in its potential to deliver a new treatment standard across a range of solid tumors and blood cancers, with the ability to impact other devastating diseases. We are delighted to welcome a strong syndicate of international investors who now join us to support the power and promise of Mnemo's groundbreaking technology."