Cambridge-based cancer drug discovery firm Mosaic Therapeutics has closed a £22m ($28m) Series A funding round.
The investment was raised by Syncona Investment Management and Cambridge Innovation Capital.
Mosaic Therapeutics has also announced the appointment of former Novartis Oncology SVP Brian Gladsden as CEO.
Gladsden, a 25-year biopharmaceuticals veteran, said: “I believe that Mosaic is ideally positioned to resolve the complexity of cancer, to discover and develop targeted therapies that address areas of high unmet need. The people, platform, connection to a world-leading genomics research institute, and strong investor partnerships are truly best in class.
“To receive funding from such high calibre investors is testament to the potential of Mosaic’s technology and multidisciplinary team, as well as the exceptional support provided by the Wellcome Sanger Institute.”
The Series A funding will be used to further advance Mosaic’s pipeline of targeted oncology therapies for biomarker-stratified populations, progressing its lead programmes through preclinical development to IND-enabling studies.
The funds will also support recruitment efforts, building the company’s senior leadership, experimental biology, and computational teams.
Mosaic’s use of advanced computational methods, while combining mining of large datasets with experimental approaches to identify and develop novel targeted therapies, completely reinvents the traditional approach to target and drug discovery.
The company’s bespoke relationship with the Wellcome Sanger Institute provides it unique access to deep scientific expertise, infrastructure, and biological assets.
Mosaic’s proprietary platform applies research from co-founder Dr Mathew Garnett’s Translational Cancer Genomics Laboratory at the Wellcome Sanger Institute.
Dr Garnett is a senior group leader at Sanger with over 20 years’ experience in genomics and cancer therapeutics, with past achievements including co-discovery of BRAF mutations in cancer and Werner Syndrome helicase as a target in MSI tumours.
Alongside Dr Garnett, the company was co-founded by Professor Emile Voest and Dr Adrian Ibrahim.
Dr Garnett added: “Mosaic is ready to lead the next wave of treatments for cancer, through the discovery of effective targeted therapies in molecularly-defined patients.
“Cancer is a complex disease and our platform, combining large-scale screening in advanced cancer models and cancer big data, gives Mosaic unprecedented clarity and insights.
“With high calibre investors, an experienced CEO, and solid scientific foundations, we’re building an exceptional team to deliver on our vision to develop safer and more effective medicines.”
Magdalena Jonikas, lead partner at Syncona Investment Management and director of Mosaic, said: “I am thrilled that Brian has joined Mosaic to lead the next stage of the company’s growth, and look forward to building this business in partnership with its world-class team.”
Anne Horgan, partner at Cambridge Innovation Capital and director of Mosaic, said: “We are delighted to invest in Mosaic Therapeutics and its outstanding founders, backing our third spin-out from the Wellcome Sanger Institute.
“We also welcome Brian, a seasoned oncology executive, to the team.”