PhoreMost, a听biopharmaceutical company dedicated to 鈥�drugging the听undruggable鈥� disease targets,听has raised 拢33 million in a听Series B investment round.听听
The start-up’s听SITESEEKER听platform can rapidly identify how to develop novel drugs for any chosen disease setting.听
The round was led by BGF, the UK鈥檚 most active growth economy investor, and included new investors听XtalPi听Inc., Astellas Venture Management, Trend Investment Group, and o2h ventures.听听
Existing investors听Parkwalk听Advisors, Morningside Ventures, and Jonathan Milner also contributed.听
The funding will be used to progress听笔丑辞谤别惭辞蝉迟鈥檚听PLK1听programme, for the treatment of brain cancer, into the clinic within 18 months.听
It听will also progress multiple additional internal first-in-class drug discovery programmes across both oncology and ageing therapeutic indications.听
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鈥�PhoreMost听is at an incredibly exciting phase of development, having made tremendous progress since the Series A funding,鈥� said CEO Dr Chris Torrance.听听
鈥淥ur lead 鈥楢llosteric PLK1鈥� asset is well positioned for clinical entry and our SITESEEKER platform has made valuable discoveries within the targeted protein degradation, oncology and ageing fields.听听
鈥淭his funding now positions听PhoreMost听well to prosecute asset development across these high value therapeutic areas.鈥�听
Following the investment round, Dr Catherine Beech will assume the Chair of听笔丑辞谤别惭辞蝉迟鈥檚听board of directors, succeeding Dr Jonathan Milner who will stay on the board as a听non-executive director.听
Dr Beech听joined听PhoreMost听as听NED听in February 2020. Also joining the Board are Tim Rea, investor at BGF, Alan Jiang, Chief Strategy Officer of听XtalPi, and Neil Pegg representing Morningside Ventures.听
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Tim Rea, investor, BGF, said: 鈥淭he team at BGF has been actively engaged in expanding our support for life sciences companies in the UK and we are excited to join the听PhoreMost听team on the next phase of their journey.听听
鈥�The Company鈥檚 SITESEEKER technology is highly differentiated, addressing an important market need in the identification of novel drug sites within targets previously considered undruggable.听听
鈥�We have been consistently impressed with the strong and experienced management team, and we believe听PhoreMost听is now in an ideal position to capitalise on the potential of its lead asset and innovative pipeline.鈥�听
Dr听Beech added: 鈥淪ince joining听笔丑辞谤别惭辞蝉迟鈥檚听Board I have continued to be impressed by the progress the听company has made, both in terms of its own internal programmes as well as with a range of strategic collaborations.听听
鈥�I am honoured to be appointed as Chair and look forward to working even more closely with Chris and the team during this exciting time for听笔丑辞谤别惭辞蝉迟.鈥�听