PhoreMost completes $15M Series-A round to enter drug discovery
Investment to fund expansion of operations and progression of drug target pipeline
The new investment follows a successful validation phase, which saw PhoreMost grow from a Cambridge University spin-out in 2015 with early proof-of-concept data, to a technically and commercially validated enterprise in 2017. The Company’s SITESEEKER® platform can identify the best new therapeutic targets for any chosen disease setting and rapidly identify how to develop novel drugs to them, which has the potential to significantly increase the diversity and affordability of novel treatments for cancer and other unmet diseases. Using its platform, PhoreMost has built a proprietary novel target pipeline, signed two pharma collaboration deals, and spun-out a new company ‘NeoPhore’ to progress a novel target for cancer immunotherapy into the small-molecule development stage. The funding will enable PhoreMost to expand the range and depth of other proprietary targets into the drug discovery process.
The Series-A round was led by current investors Jonathan Milner, Amadeus Capital Partners, Cambridge Enterprise, and cornerstone Parkwalk Advisors, a London-based investor specialising in UK university generated IP. Morningside Ventures, a prolific backer of global biotech enterprises, is the principal new investor, with Dr Gerald Chan from Morningside joining the PhoreMost Board. Alastair Kilgour of Parkwalk also joins the Board.
Dr Chris Torrance CEO of PhoreMost, said: “We are thrilled to have the support of our existing investors and Morningside in enabling PhoreMost to move into its next exciting phase of growth. Their funding and shared vision is a key part of PhoreMost becoming a fully-fledged ‘ethical’ drug discovery company that aims to bring a greater diversity of therapies to patients, more quickly and at prices they can afford.”
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Topic world biopharmaceutical manufacturing
Biopharmaceutical production plays a crucial role in the development and manufacture of biologics, which are essential for the treatment of various serious diseases. Various key technologies and processes of the modern biopharmaceutical industry are used, such as cell cultures, fermentation processes and the purification of biological substances, which are necessary for the production of vaccines, monoclonal antibodies and other biological drugs.
Topic world biopharmaceutical manufacturing
Biopharmaceutical production plays a crucial role in the development and manufacture of biologics, which are essential for the treatment of various serious diseases. Various key technologies and processes of the modern biopharmaceutical industry are used, such as cell cultures, fermentation processes and the purification of biological substances, which are necessary for the production of vaccines, monoclonal antibodies and other biological drugs.