PhoreMost, a UK-based biopharmaceutical company dedicated to ‘Drugging the Undruggable’, disease targets, has completed an oversubscribed GBP33 million (USD46 million) Series B investment round 

The round was led by BGF, the UK’s most active growth economy investor, and included new investors XtalPi Inc, Astellas Venture Management, Trend Investment Group and o2h ventures. Existing investors Parkwalk Advisors, Morningside Ventures, and Jonathan Milner also contributed.

The funding will be used to progress PhoreMost’s preclinical ‘Allosteric PLK1’ collaboration with Sentinel Oncology into the clinic in 2022. The programme is initially targeted towards Glioma. PhoreMost will also progress multiple additional internal first-in-class drug discovery programmes across both oncology and ageing therapeutic indications.

PhoreMost’s SITESEEKER platform can identify the best new therapeutic targets for any chosen disease setting, and rapidly identify how to develop novel drugs to these targets. This has the potential to significantly increase the diversity of novel treatments for cancer and other unmet diseases. Significantly, PhoreMost has recently deployed SITESEEKER towards the identification of novel E3-ligands, the progression of which has the potential to be highly disruptive within the important new targeted protein degradation therapeutic modality space.

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Source: Private Equity Wire