Myricx Bio has appointed Mohit Rawat as Chief Executive Officer as the London-based biotech company prepares to advance its novel antibody-drug conjugate platform into clinical development. The leadership change comes as Myricx addresses critical unmet needs in cancer therapy through its innovative N-myristoyltransferase inhibitor payload technology.
Rawat joins from Fusion Pharmaceuticals, where he served as President and Chief Business Officer before the company's acquisition by AstraZeneca for $2.4 billion in 2024. He brings over two decades of biopharma experience, including leadership roles at Novartis and AbbVie, with a track record spanning business development transactions exceeding $5 billion in value.
Addressing ADC Limitations Through Novel Mechanism
The appointment comes as Myricx tackles significant challenges facing current ADC therapies. Retreatment with the same payload class leads to poor outcomes, with a greater than 50% reduction in objective response rate. Additionally, many leading ADCs experience more than 50% treatment interruptions or dose reductions due to adverse effects, often limiting tolerable doses below levels required for substantial anti-cancer efficacy.
"Myricx is a highly ambitious company with the potential to become a leader in ADC therapeutics, with a first-in-class and highly differentiated ADC payload platform that leverages NMT inhibition," said Rawat. "The NMTi platform has the potential to deliver the next generation of ADC therapeutics to improve tolerability, overcome payload resistance and offer a wider therapeutic index."
Novel NMT Inhibitor Platform
Myricx's approach centers on N-myristoyltransferase (NMT), an enzyme critical to maintaining multiple pathways required for cancer cell survival. The company's NMT inhibitor payloads offer a completely novel mode of action that drives complete tumor regression, including in challenging tumor types. Due to this differentiated mechanism, NMTi-ADCs demonstrate a distinct toxicity profile and potential to treat cancers resistant to or unresponsive to current ADCs.
The company is developing a pipeline of ADC programs targeting validated antigens including B7-H3 and HER2. Myricx recently nominated its lead development candidate and expects to initiate human clinical trials in 2026.
Strong Financial Foundation and Team Expansion
Following its £90 million ($114 million) Series A financing led by Sofinnova Partners, Novo Holdings, Abingworth, Brandon Capital, Eli Lilly, British Business Bank and Cancer Research Horizons, Myricx has expanded its senior leadership team across clinical, CMC, regulatory and business development functions in both the US and UK.
Former CEO Robin Carr has transitioned to Chief Technology Officer, while new appointments include Steen Lisby as CMO, Jesper Valbjørn as Senior VP of CMC, and Jonathon Marks-Bluth as VP of Business Development in the UK. US-based additions include David Ellis as VP of Regulatory Affairs and Penny Fatato as Global Head of Clinical Operations.
Clinical Development Timeline
The company's NMTi-ADCs have demonstrated exceptional preclinical efficacy and tolerability across multiple solid tumor-associated antigens and cancer cell types. With its lead candidate nominated, Myricx is positioned to enter clinical development in 2026, representing a significant milestone for this novel payload class.
Dr. Chris Martin, Chairman and Non-Executive Director, emphasized the strategic importance of the leadership transition: "Mohit has the expertise to lead Myricx forward through its next stage of growth. His previous experience will be instrumental in advancing our innovative NMTi-ADC therapies forward to address the urgent unmet need for the majority of patients who are resistant to or relapse on current therapies."
The company, which spun out from Imperial College London and the Francis Crick Institute, is headquartered in London with teams in both the UK and USA, positioning it to leverage global expertise as it advances toward clinical trials.
