Nammi Therapeutics has raised USD 30 million in series B funding, with the Myeloma Investment Fund (MIF) contributing USD 1 million.

The new funds are planned to be used to fund a first-in-human Phase I study of Nammi's lead program, QXL138AM, planned to commence following the completion of the funding round.

Nammi Therapeutics is an immuno-oncology company that develops platforms and products to selectively activate anti-tumor immunity within the tumor microenvironment while minimizing systemic activation. The company's lead product candidate, QXL138AM, is a masked immunocytokine (MIC) with a masked interferon alpha (IFNa) fused to an antibody targeting the CD138 protein on tumor cell surfaces. In addition to the MIC platform, the company has developed a nanoparticle platform called Nammisome to deliver immune-modulating prodrugs (IMPs).

Analyst QuickTake: In June 2022 , the QXL138AM received the Orphan Drug Designation from the US FDA to treat multiple myeloma. Since then, the company has been planning to file an investigational new drug (IND) application with the FDA to begin clinical trials for the candidate.