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15 May 2018

PhoreMost champions $15m series A

The Cambridge spinout has raised $15m in series A funding from investors including Cambridge Enterprise and Parkwalk Advisors.

Author: Thierry Heles, editor

Cambridge Enterprise, the tech transfer office of University of Cambridge, co-led an £11m ($15m) series A round today for its UK-based biopharmaceutical spinout PhoreMost.

The round was co-led by spinout-focused investment firm Parkwalk Advisors, Amadeus Capital Partners, Morningside Ventures and Jonathan Milner.

PhoreMost has created a platform called Siteseeker to develop treatments for diseases that are currently deemed undruggable.

The company has built a pipeline, signed two collaboration agreements with pharmaceutical firms and, in November 2017, established cancer immunotherapy spinout Neophore, which secured $3.9m from the CRT Pioneer Fund, managed by Sixth Element Capital, at the time.

The funding will enable expanded operations and the progression of several targets into drug discovery programs. Gerald Chan from Morningside will join PhoreMost’s board of directors.

In 2015, PhoreMost raised $3.8m in seed funding from Cambridge Enterprise, Amadeus Capital Partners and chief executive Chris Torrance alongside assorted angel investors.

Torrance said: “We are thrilled to have the support of our existing investors and Morningside in enabling PhoreMost to move into its next exciting phase of growth.

“Their funding and shared vision is a key part of PhoreMost becoming a fully-fledged ‘ethical’ drug discovery company; bringing a greater diversity of therapies to patients at prices they can afford.”

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