Phoremost reports Series B extension

Back in March 2021, cambridge-based PhoreMost Ltd secured an oversubscribed €33m Series B investement led by by BGF, with XtalPi, Astellas Venture Management, Trend Investment Group, o2h ventures, Parkwalk Advisors, Morningside Ventures, and Jonathan Milner to bring its polo-like kinase 1 (PLK1) allosteric inhibitor programme, for treatment of glioma into the clinic within 18 months. Though it is still preclinical, the Brits, who have multi-target collaborations with Roche and Boehringer Ingelheim, now grabbed an additional €10.8m from lead investor Parkwalk Advisors and existing investors BGF, Dr Jonathan Milner, Amadeus Capital and Astellas Venture Management to advance high-value oncology and inflammation degrader programmes and to advance its new AI-supported GlueSEEKER™ phenotypic screening platform for identification of novel molecular glue degraders (MGDs) for targeted protein degradation (TPD).

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. Additionally, the funding supports further deployment of the recently launched GlueSEEKER™ platform², informing molecular glue design for unprecedented targets, and support the growth of new and existing pharma collaborations.