Mondego Bio raises €20m in Series A
Lisbon’s immuno-oncology company Mondego Bio Lda has left stealth mode through a €20m Series A financing led by Biovance Capital, supported by OrbiMed and Torrey Pines.
The Portuguese start-up will use the proceeds to advance its oral cancer compound ZE00-0388, a selective blocker of Protein Tyrosine Phosphatase, Non-Receptor Type 2 (PTPN2). PTPN2 is a ubiquitous protein tyrosine phosphatase that regulates the JAK-STAT pathway, leading to an increase in interferon-gamma.
Preclinically, administration of ZE00-0388 resulted in an 80.6% inhibition of colon carcinoma growth in the mouse model. In combination with PD1 blockers, the inhibition rate was 91%. The oral compound showed an acceptable safety profile and bioavailability.
Mondego Bio is the first investment of Biovance Capital, which manages the Biovance Fund I. The €57m fund is financed through the European Investment Fund (EIF) and Portugal’s state bank Banco Português de Fomento (BPF) to improve access to capital for innovative Portuguese cancer companies.
ZE00-0388 was built by AI-guided rational design of PTPN2/1 blockers with improved bioavailability.
Alchemab Therapeutics Ltd
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Anocca AB