PolyProx Therapeutics, a Cambridge, England, UK-based biotechnology company focused on the discovery and development of novel biopharmaceuticals for the treatment of cancer, raised an additional £1m in seed funding.
New backer LifeArc made the investment joining Cambridge Innovation Capital, RT Capital and Cambridge Enterprise. In conjunction with the funding, Enrique Millan, Investment Principal, LifeArc Seed Fund, who will sit on the PolyProx Therapeutics board.
The company intends to use the funds to deliver in vivo proof of concept data for polyproxin® molecule leads against two oncology drug targets. This data will form the basis for Series A financing in 2021.
A spin out from the Department of Pharmacology at the University of Cambridge, PolyProx Therapeutics is developing polyproxin® molecules that target and remove disease-causing proteins using the natural degradation machineries contained within the cell. Its initial focus is to develop polyproxin® molecule candidates for use in the treatment of cancers, targeting aberrant proteins that have previously proven difficult to target using conventional drug classes, such as small molecules or monoclonal antibodies.
Led by Kevin Moulder (Chief Operating Officer) and Andrew Sandham (Executive Chairman), the company is based on over a decade of research and intellectual property from Founder Professor Laura Itzhaki’s laboratory.