PhoreMost, a leading UK biopharmaceutical company unlocking the next generation of drug targets, announced it has added $12 million to its Series B financing, bringing the total raised to over $50 million. Parkwalk Advisors led this additional investment, with participation from existing investors BGF, Dr Jonathan Milner, Amadeus Capital, and Astellas Venture Management. It will support the progression of PhoreMost’s pipeline of novel degrader assets.
PhoreMost is focused on utilizing its SITESEEKER target ID platform to enable novel ligase discovery. Since closing its previous Series B funding in 2021, the company has expanded drug discovery operations and advanced multiple next-generation degrader programs through proof-of-concept studies following these discoveries.
The new funding will enable the pipeline progression of PhoreMost’s novel degrader programs in oncology and inflammatory diseases toward preclinical development. And the funding supports further deployment of the recently launched GlueSEEKER platform2, informing molecular glue design for unprecedented targets and supporting the growth of new and existing pharma collaborations.
KEY QUOTES:
“PhoreMost is at an incredibly exciting phase of development, where we are now progressing our high value oncology and inflammation degrader programs towards preclinical studies. 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. I would also like to thank the PhoreMost team and all our partner organizations for helping us to achieve such excellent progress toward realizing our important mission.”
-Dr Neil Torbett, CEO, PhoreMost
“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 revolutionize 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.”
-Alastair Kilgour, Founder, Parkwalk Advisors, and Non-Executive Director, PhoreMost
