PhoreMost, a biopharmaceutical company headquartered in the UK, has successfully completed a £33 million Series B investment round, exceeding their target. This funding round is instrumental in advancing the company’s mission to develop new therapeutic drugs by targeting previously undruggable disease sites. The company’s innovative SITESEEKER platform plays a crucial role in identifying these targets, enhancing the diversity of treatments for cancer and other critical diseases.
In the past, investment rounds for PhoreMost have yielded significant advancements. The company achieved notable progress since its Series A funding, which facilitated the development of their lead asset, ‘Allosteric PLK1’. The SITESEEKER platform has also contributed to breakthroughs in targeted protein degradation and oncology. This latest funding marks a substantial step forward, as compared to previous efforts where the focus was primarily on securing foundational research and development.
Another important aspect of PhoreMost’s journey includes changes in leadership and strategic partnerships. Previously, the company had a different board structure, and the expansion of their investor base has brought in influential partners like BGF and XtalPi Inc. This diversification in leadership and investment is expected to drive future growth and innovation more effectively than before.
New Investment and Leadership Changes
The investment round was spearheaded by BGF and included contributions from new investors such as XtalPi Inc., Astellas Venture Management, Trend Investment Group, and o2h ventures. Existing investors like Parkwalk Advisors, Morningside Ventures, and Jonathan Milner also participated. The funds will primarily support the development of PhoreMost’s preclinical ‘Allosteric PLK1’ program, targeting Glioma and other oncology and ageing therapeutic indications.
PhoreMost CEO Dr. Chris Torrance said, “PhoreMost is at an incredibly exciting phase of development, having made tremendous progress since the Series A funding. Our lead ‘Allosteric PLK1’ asset is well positioned for clinical entry, and our SITESEEKER platform has made valuable discoveries within the targeted protein degradation, oncology, and ageing fields. This funding now positions PhoreMost well to prosecute asset development across these high-value therapeutic areas.”
Platform and Strategic Goals
PhoreMost’s SITESEEKER platform is designed to identify optimal therapeutic targets for various diseases and rapidly develop novel drugs. This technology has proven effective in discovering new treatment avenues, particularly in cancer research and aging-related conditions. Recently, the company utilized SITESEEKER to identify novel E3-ligands within the targeted protein degradation field, marking a significant milestone in their research efforts.
Tim Rea, an investor at BGF, remarked, “The 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 PhoreMost team on the next phase of their journey. The company’s SITESEEKER technology is highly differentiated, addressing an important market need in the identification of novel drug sites within targets previously considered undruggable.”
The funding will advance PhoreMost’s collaboration with Sentinel Oncology, moving the ‘Allosteric PLK1’ program into clinical trials by 2022. The initial focus of this program is Glioma, a type of brain cancer. Additionally, PhoreMost plans to progress multiple internal first-in-class drug discovery programs targeting both oncology and ageing therapeutic areas.
PhoreMost’s recent success in securing substantial funding demonstrates the confidence investors have in its innovative approach to drug discovery. The SITESEEKER platform has already shown potential in identifying novel therapeutic targets and is poised to deliver groundbreaking treatments. This financial boost will enable PhoreMost to accelerate its programs, particularly in challenging areas like oncology and neurodegenerative diseases. Furthermore, the strategic addition of new board members and partners enhances the company’s ability to navigate the complex landscape of biopharmaceutical development, ensuring sustained growth and innovation.
