London, United Kingdom-based small molecule neoantigen immuno-oncology company NeoPhore raised GBP 9.6 million (approx. USD 12.2 million) in a Series B extension. The round took place on January 31, 2023. Existing syndicates such as CPF, managed by Sixth Element Capital, Claris Ventures, Astellas Venture Management, 3B Future Health Fund, and 2investAG provided the financing for the company. Meanwhile, three new investors – NEVA SGR (the venture capital arm of Intesa Sanpaolo banking group), LIFTT (the venture capital focused on deep-tech chaired by Stefano Buono) and Simon Fiduciaria (the fiduciary company of Ersel Group) also joined in the round. So far, the total amount raised by the company in Series B financing is GNP 31.1 million.
Purpose of financing for NeoPhore
The company plans to use the additional Series B funding to progress NeoPhore’s lead oral program through early pre-clinical development.
What the officials of Neophore have to comment
Dr Matthew Baker, Chief Executive Officer of NeoPhore, said, “NeoPhore has made excellent progress throughout 2023. With the support of our committed and new investors, along with our research collaborations with academic institutions that are in place, we remain on track to deliver a candidate drug for our lead PMS2 program by early 2025.”
In addition, Dr Robert James, Chairman of NeoPhore, said: “Over the past years, NeoPhore has made tremendous strides in showing that it is possible to target the MMR pathway with small molecule inhibitors. The recent data the Company has generated and presented at an international conference leads us to believe that NeoPhore’s approach may be profoundly important. We are pleased to welcome three new Italian-based investors to our syndicate, as well as further funding from existing investors. Their commitment reflects the potential value of NeoPhore’s approach that exploits the dynamics of cancer neoantigen evolution through the discovery and design of effective, well-tolerated medicines that will become a key part of the next generation of cancer immunotherapies. We are very excited about the next stage in the life of the Company.”
About Neophore
Alberto Bardelli in 2017 launched the company. NeoPhore is a UK-based company focusing on the discovery and development of novel small molecule therapies. It seeks to further treat cancer through stimulation of the immune system. The Company’s approach targets the DNA mismatch repair (MMR) pathway. It is a proven approach to promote neoantigen creation and subsequent immunity against numerous cancers. Using these insights, NeoPhore aims to generate next-generation immuno-oncology therapeutics to improve clinical outcomes for cancer patients. NeoPhore is a spin-off from the University of Turin and PhoreMost Ltd by the CRT Pioneer.
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