Phoenix Molecular Designs, a Vancouver, British Columbia, Canada-based biotechnology company designing precise cancer therapeutics by targeting essential kinases, completed a $2.7M financing.
The financing included an over-subscribed $2M round in venture-backed capital and over $670K in non-dilutive capital.
The venture round was led by Pallasite Ventures with participation from new angel investors and existing angel investors from prior funding rounds. In conjunction with the financing, Chris Bissonnette, Ph.D., Managing Partner of Pallasite Ventures, joined PhoenixMD’s Board of Directors.
The company intends to use the funds to advance its lead asset PMD-026 through IND-enabling studies and to develop a companion diagnostic test to determine which patients have high levels of activated RSK2, the protein that PMD-026 disrupts.
Led by Sandra E. Dunn, Ph.D., CEO, PhoenixMD is a biopharmaceutical company designing precise cancer therapeutics and companion diagnostics by targeting kinases, a class of highly druggable enzymes to treat a wide range of oncology indications.
The company is focused on developing first-in-class inhibitors against ribosomal S6 kinase (RSK), an important drug target for cancer, heart disease, and inflammation.
PhoenixMD has entered into partnerships with recognized academic, non-profit institutions and development companies such as the National Cancer Institute (NIH), University of Florida, Kyushu University, Mayo Clinic, and University of Hawaii Comprehensive Cancer Center.
The company has U.S. operations in San Diego, CA.