Oncostellae, a San Cibrao das Viñas, Spain-based biotech company that discovers and develops small molecule drugs for the treatment of cancer, raised $1m in seed funding.
Backers included Inveready.
The company intends to use the funds to continue to advance its prostate and hematologic cancer programs and to consolidate the Neogalfarma project, in collaboration with Galchimia, AMSLab and Nanogap.
Founded in 2013 by Mabel Loza, pharmacology professor at the University of Santiago de Compostela, her associates Maribel Cadavid, Jose Brea and Jose Manuel Santamaria, and medicinal chemists Julio Castro and Juan Camacho, founders and executives of PaloBiofarma, a biopharmaceutical company with currently 3 candidate drugs in clinical trials, and led by recently joined CEO Guido Kurz, Oncostellae focuses on the discovery of new pharmaceutical compounds and their development, from its initial phase up to proof of concept in patients (clinical phase IIa). At this stage, the company aims to license the results and patents obtained during the project to a consolidated pharmaceutical company for further development.
Its first project is focused on the treatment of advanced prostate cancer.
Oncostellae recently launched a new project on irreversible JAK kinase inhibitors with potential indications in oncology and inflammation. A third project on selective TYK inhibitors will be started soon.