PhoreMost, a Cambridge, England, UK-based biopharmaceutical company, completed a $15m (£11m) Series A funding round.
The round was led by current investors Jonathan Milner, Amadeus Capital Partners, Cambridge Enterprise, and cornerstone Parkwalk Advisors. Morningside Ventures is the principal new investor, with Dr Gerald Chan joining the PhoreMost Board along with Alastair Kilgour of Parkwalk.
The company intends to use the funds to expand operations on the Babraham Research Campus and advance novel drug targets from its phenotypic screening platform into drug discovery programmes.
Led by CEO Dr Chris Torrance, PhoreMost has developed the Siteseeker® platform, which can identify new therapeutic targets for any chosen disease setting and identify how to develop novel drugs to them. Using its platform, the company has built a proprietary novel target pipeline, signed two pharma collaboration deals, and spun-out a new company ‘NeoPhore’ to progress a novel target for cancer immunotherapy into the small-molecule development stage.