PhoreMost Ltd., a Cambridge, UK-based biopharmaceutical company, added USD $12m to its Series B financing, bringing the total raised to over $50m.
The additional investment was led by Parkwalk Advisors, with participation from existing investors BGF, Dr Jonathan Milner, Amadeus Capital and Astellas Venture Management.
The company will use the funds for the progression of its pipeline of novel degrader assets.
Led by Dr Neil Torbett, CEO, PhoreMost is focused on leveraging its SITESEEKER® target ID platform to enable novel ligase discovery. Since the closure of its previous Series B financing in 2021, the company has expanded drug discovery operations and advanced multiple next-generation degrader programmes through proof-of-concept studies following these discoveries.
This new investment will enable pipeline progression of novel degrader programs in oncology and inflammatory diseases towards preclinical development. Additionally, the funding supports further deployment of the recently launched GlueSEEKER™ platform, informing molecular glue design for unprecedented targets, and support the growth of new and existing pharma collaborations.
FinSMEs
11/09/2024