PhoreMost, the cutting-edge UK biopharmaceutical enterprise specializing in innovative drug development, has successfully closed an impressive £33 million Series B funding round. This latest round, which saw significant oversubscription, underscores the growing confidence in PhoreMost’s pioneering approach to addressing previously untargetable disease mechanisms.
Central to PhoreMost’s strategy is their revolutionary SITESEEKER platform. This technology excels at pinpointing optimal therapeutic targets across diverse disease settings, thereby accelerating the development of novel drug candidates. Recent applications of SITESEEKER have led to groundbreaking discoveries, particularly in the realm of E3-ligands within the targeted protein degradation landscape.
The investment round was spearheaded by BGF, with substantial contributions from new partners including XtalPi Inc., Astellas Venture Management, Trend Investment Group, and o2h ventures. Existing investors such as Parkwalk Advisors, Morningside Ventures, and Dr. Jonathan Milner also played a crucial role in this round.
In a notable shift, Dr. Catherine Beech will assume the role of Chair of PhoreMost’s Board of Directors, taking over from Dr. Jonathan Milner, who will continue to serve as a Non-Executive Director. Joining the board are Tim Rea from BGF, Alan Jiang, Chief Strategy Officer at XtalPi, and Neil Pegg from Morningside Ventures.
Dr. Chris Torrance, CEO of PhoreMost, expressed enthusiasm about the company’s progress, stating, “PhoreMost is entering an exhilarating phase, having achieved significant milestones since our Series A funding. Our lead asset, ‘Allosteric PLK1’, is poised for clinical trials, and SITESEEKER has generated valuable insights in targeted protein degradation, oncology, and ageing. This latest funding will accelerate our development across these critical areas.”
Tim Rea of BGF added, “We are thrilled to support PhoreMost as they advance to the next stage of their development. SITESEEKER represents a unique technological edge, tackling a crucial market need by identifying novel drug targets previously deemed undruggable. The robust and experienced leadership team at PhoreMost is well-positioned to leverage their promising pipeline and lead asset.”
The funds from this Series B round will be directed towards advancing PhoreMost’s preclinical collaboration with Sentinel Oncology, specifically targeting Glioma with their ‘Allosteric PLK1’ program. Additionally, PhoreMost plans to drive forward several internal drug discovery initiatives in both oncology and ageing.
Editorial Insight
PhoreMost’s recent achievement in securing £33 million in Series B funding is a testament to the burgeoning potential of their innovative approach in biopharmaceuticals. The ability of their SITESEEKER platform to unlock previously unreachable drug targets positions PhoreMost as a formidable player in the field of drug discovery. By focusing on targets that have long been considered undruggable, PhoreMost not only addresses a significant gap in the market but also offers hope for advancing treatment options in complex disease areas like cancer and neurodegenerative conditions.
The strategic leadership changes and new board appointments signify a strengthened governance structure that is likely to propel PhoreMost towards its ambitious goals. As the biopharmaceutical landscape continues to evolve, PhoreMost’s commitment to pioneering novel therapies aligns perfectly with the industry’s growing emphasis on personalized and targeted treatments.
PhoreMost’s progress reflects broader trends in the industry, where cutting-edge technologies are reshaping drug discovery and development. Their approach to drugging the undruggable has the potential to revolutionize how we tackle some of the most challenging diseases, making a significant impact on global health outcomes.
For further details or any corrections, please contact editor@thetimesmag.com.
