Additional $12m boosts PhoreMost’s Series B total to $50m for drug pipeline
PhoreMost has added $12million to its Series B financing, bringing the total raised to more than $50m.
The additional investment was led by Parkwalk Advisors with participation from existing investors BGF, Jonathan Milner, Amadeus Capital and Astellas Venture Management, and will support the progression of PhoreMost’s pipeline of novel degrader assets.
PhoreMost is focused on leveraging its Siteseeker target ID platform to enable novel ligase discovery. Siteseeker probes the entire proteome in a live cell environment for novel druggable targets linked to any chosen disease, systematically unmasking new and unanticipated druggable sites and directly linking them to useful therapeutic functions.
Since the closure of its previous Series B financing in 2021, the company has expanded drug discovery operations and advanced multiple next-generation degrader programmes through proof-of-concept studies following these discoveries.
This new investment will enable pipeline progression of PhoreMost’s novel degrader programmes in oncology and inflammatory diseases towards preclinical development.
Alastair Kilgour, founder, Parkwalk Advisors, and non-executive director at PhoreMost, said: “The PhoreMost team has made excellent progress in developing novel therapeutic approaches within the field of targeted protein degradation, a modality that is set to deliver transformational outcomes for patients suffering with untreated conditions and revolutionise the future of medicine.
“We are excited to continue supporting both the leadership and scientific teams as they scale and improve the lives of millions.”
Additionally, the funding supports further deployment of the recently launched GlueSeeker platform, informing molecular glue design for unprecedented targets, and support the growth of new and existing pharma collaborations.
Dr Neil Torbett, CEO, PhoreMost, said: “We are very grateful to have secured additional support from our existing investors, positioning PhoreMost to progress differentiated degrader assets across high-value therapeutic areas and cementing our business as a leader within the next-generation degrader field.
“PhoreMost is at an incredibly exciting phase of development, where we are now progressing our high-value oncology and inflammation degrader programmes towards preclinical studies.
“I would also like to thank the PhoreMost team and all our partner organisations for helping us to achieve such excellent progress toward realising our important mission.”
