Biopharmaceutical company PhoreMost has added around £9 million to its Series B financing, taking the total raised in the round to around £38m.
The Cambridge firm is unlocking the next generation of drug targets via its SITESEEKER platform.
Since the closure of its previous Series B financing in 2021, the company says it has advanced multiple next-generation degrader programmes through proof-of-concept studies.
The additional investment was led by Parkwalk Advisors, the largest growth EIS fund manager, with participation from existing investors BGF, Dr Jonathan Milner, Amadeus Capital and Astellas Venture Management, and will support the progression of PhoreMost’s pipeline of novel degrader assets.
This new investment will enable pipeline progression of PhoreMost’s novel degrader programmes 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.
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“PhoreMost is at an incredibly exciting phase of development, where we are now progressing our high value oncology and inflammation degrader programmes towards preclinical studies,” said Dr Neil Torbett, CEO.
“We are very grateful to have secured additional support from our existing investors, positioning PhoreMost to progress differentiated degrader assets across high-value therapeutic areas and cementing our business as a leader within the next-generation degrader field.
“I would also like to thank the PhoreMost team and all our partner organisations for helping us to achieve such excellent progress toward realising our important mission.”
Alastair Kilgour, founder, Parkwalk Advisors and a non-executive director at PhoreMost, added: “The PhoreMost team has made excellent progress in developing novel therapeutic approaches within the field of targeted protein degradation, a modality that is set to deliver transformational outcomes for patients suffering with untreated conditions and revolutionise the future of medicine.
“We are excited to continue supporting both the leadership and scientific teams as they scale and improve the lives of millions.”