Viking Global Investors led the round. New investors included Venrock Healthcare Capital Partners, Foresite Capital, Perceptive Advisors, and Highside Capital. Existing investors participating in the round included First Round Capital, OMX Ventures, Lifeforce Capital, and Refactor Capital. The proceeds will help finance Mythic's lead program, which targets lung cancer and is entering first-in-human clinical studies.

ADCs are designed to deliver a therapeutic payload to a target tissue or disease site. However, studies have demonstrated that the majority of the payload is released nonspecifically throughout the body, causing systemic toxicity and reducing efficacy, Mythic said. Further, the clinical benefits of ADCs have so far remained limited to a subset of diseases and targets with optimal biological characteristics, such as high levels of target expression.

Mythic's FateControl technology promises to expand the role of ADCs in medicine by improving ADC efficacy and thus therapeutic index against a broad set of molecular targets and patient profiles. This is achieved, Mythic said, by manipulating the fate of the ADC within the cell, leading to increased ADC uptake into targeted tissues while reducing payload release in nontargeted tissues.