PhoreMost Secures $12 Million for Innovative Drug Development
PhoreMost Ltd., a prominent biopharmaceutical company headquartered in Cambridge, UK, has successfully secured an additional USD $12 million in its Series B financing round. This recent investment has significantly boosted the total amount raised to over $50 million. The latest funding round was primarily led by Parkwalk Advisors, with notable participation from existing investors such as BGF, Dr. Jonathan Milner, Amadeus Capital, and Astellas Venture Management. The primary objective of this funding is to further advance the development of the company's pipeline of innovative degrader assets, which are anticipated to play a crucial role in the treatment of various diseases.
Under the leadership of Dr.
Neil Torbett, who serves as CEO, PhoreMost is dedicated to harnessing the power of its cutting-edge SITESEEKER® target identification platform. This advanced technology is specifically designed to facilitate the discovery of novel ligases, which are essential for the development of targeted therapies. Since concluding its previous Series B financing in 2021, the company has witnessed remarkable growth. It has expanded its drug discovery operations and successfully moved multiple next-generation degrader programs through proof-of-concept studies, propelling these initiatives toward tangible advancements in medical science.
The newly acquired funds will not only expedite the progression of these innovative degrader programs in areas like oncology and inflammatory diseases toward preclinical development but will also enhance the deployment of PhoreMost's recently introduced GlueSEEKER™ platform. This platform is integral to informing molecular glue design for unprecedented therapeutic targets, thereby broadening the horizons for new drug development. Furthermore, the injection of additional capital will support the cultivation of both new and existing collaborations within the pharmaceutical industry, fostering innovation and potentially leading to significant breakthroughs in treatment methodologies.
They've invested in PhoreMost
Get to know these Healthtech investors
Click here for a full list of 7,526+ startup investors in the UK