Step Pharma Raises funding

Step Pharma, a Paris based biotech company, announced on 24th March 2021 that it has raised €35 million in its Series B funding round. The round was led by Sunstone Life Science Ventures and Hadean Ventures, along with participation from Kurma Partners, Pontifax and Bpifrance.

Investors: Sunstone Life Science Ventures is a Denmark based venture capital firm that was founded in the year 2007. It primarily invests in, as its name suggests, early-stage novel life science companies developing therapeutics for human use. Led by a team of highly experienced individuals in the field of life science, startups and corporate management, it has so far invested around €300 million in more than 40 portfolio companies through five of its well-managed funds.

Hadean ventures, on the other hand, is a Norway based investment firm that was founded in the year 2014. Again, it is also predominantly an investor in life science companies across Europe with a particular focus in the Nordic region. Its portfolio includes thriving companies such as Attgeno, Cardiomech, Galecto, Abliva, Saga Diagnostics and more.

 Step Pharma will use the new round of investment to further develop its CTPS1 inhibitor and STP938, which will be used for treating T-cell malignancies.

Logo of Step Pharma

About Step Pharma:

Step Pharma was founded in the year 2014 by Geoffroy De Ribains and Timothy Bourne. It is mainly focused on developing CTP synthase 1 inhibitors as a novel method to treat cancer and auto-immune diseases.

Cytidine Triphosphate synthase 1 (CTPS1) is an enzyme that plays an important role in DNA synthesis and cell division. However its function is selective to certain cell types, making it an ideal target for drug development.

What the CEO and investors have to say:

“Step Pharma is a clear leader in CTPS1 research. They have made significant progress in advancing their first-in-class selective CTPS1 inhibitors toward clinical development and expanding the potential therapeutic applications”—Jacob L Moresco,  investment director at Sunstone Life Science Ventures.

“The closing of this Series B will enable Step Pharma to transform into a clinical-stage company and advance our lead compound into the clinic in Q1 2022. We’d like to welcome our new investors and thank existing investors for their continued support of the company.”—Andrew Parker, CEO of Step Pharma.

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Raghavendra writes about the startup ecosystem on VC Bay. He is a final year undergrad at Indian Institute of Management and Commerce. Besides being a sports enthusiast, he is passionate about the world of finance and startups.



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