UK based fund manager, Sixth Element Capital, has announced a £3 million investment in a spin out company from PhoreMost — NeoPhore.
Funding
NeoPhore is an immune-oncology company that is focused on the discovery and development of novel small molecule therapies to treat cancer through stimulation of the immune system. This investment will be used to build on discoveries that have already been made by PhoreMost and its collaborators.
“We are delighted to be working with PhoreMost and to be able to support the launch of NeoPhore. PhoreMost’s asset-centric model is well-matched to CPF’s strategy of funding innovative science in order to bring new therapeutic products and technologies to market, improving the care and lives of cancer patients,” Robert James, co-founder and managing partner of Sixth Element Capital, and newly appointed chairman of NeoPhore. “NeoPhore’s novel immunotherapy portfolio is one of the most exciting approaches we have seen to exploit traditional drug discovery in the context of immunotherapy.”
“We are excited to have created NeoPhore as PhoreMost’s first asset-centric spin-out, especially one with such a promising new approach to augment the effectiveness and the range of patients that could benefit from novel immune-system stimulating anticancer therapies,” added Chris Torrance, CEO and founder of PhoreMost. “NeoPhore’s target rationale has already been proven directly in cancer patients treated with immunotherapy, providing a particularly strong basis for developing novel drugs.”