PhoreMost, a UK-based biopharmaceutical firm, has raised an additional $12 million in its Series B funding round, bringing the total to over $50 million. Led by Parkwalk Advisors, the round saw contributions from existing investors, including BGF, Dr Jonathan Milner, Amadeus Capital, and Astellas Venture Management. This infusion of capital will accelerate PhoreMost’s efforts in advancing its pipeline of novel degrader assets, particularly those targeting oncology and inflammatory diseases. The company is set to push its cancer treatment programs towards preclinical development.

PhoreMost’s CEO, Dr Neil Torbett, highlighted the significance of this funding milestone, describing it as a pivotal moment for the company’s growth. “PhoreMost is at an incredibly exciting phase of development, where we are now progressing our high-value oncology and inflammation degrader programs towards preclinical studies,” said Dr. Torbett. He also expressed gratitude to the company’s investors and team, noting that this additional funding positions PhoreMost to solidify its leadership in the next-generation degrader field.

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At the heart of PhoreMost’s innovation is its SITESEEKER platform, which is designed to identify and target disease-causing proteins previously deemed undruggable. The company has made strides in developing proof-of-concept studies for its degrader programs, particularly in the fields of oncology and inflammatory diseases. These next-gen programs aim to degrade proteins responsible for disease progression, offering potential breakthroughs for conditions with few treatment options.

One of PhoreMost’s key innovations is its recently launched GlueSEEKER platform, a tool designed to discover molecular glues that enable the degradation of disease-causing proteins. This novel approach facilitates the formation of protein-protein interactions, enabling previously untreatable conditions to be targeted. GlueSEEKER enhances PhoreMost’s drug discovery capabilities by systematically identifying ligase-neosubstrate pairs, making it a game-changer in tackling undruggable targets across therapeutic areas such as oncology and neurodegeneration.

The GlueSEEKER platform builds upon the company’s well-established SITESEEKER technology, which has already proven effective in identifying novel therapeutic targets. By integrating computational methods with phenotypic screening, GlueSEEKER accelerates the discovery of small molecules with the potential to address unmet medical needs.

Alastair Kilgour, Founder of Parkwalk Advisors and Non-Executive Director at PhoreMost, praised the company’s progress in targeted protein degradation, calling it an emerging area of drug development that holds the potential to transform patient care. “PhoreMost has made excellent progress in developing novel therapeutic approaches within the field of targeted protein degradation, a modality that is set to deliver transformational outcomes for patients suffering from untreated conditions,” Kilgour remarked.

The funding will allow PhoreMost to expand its degrader pipeline and collaborate with more pharmaceutical companies, further cementing its leadership in the growing field of targeted protein degradation.

PhoreMost remains committed to its mission of “drugging the undruggable,” a core focus since its inception. With the additional capital, the company will continue to develop its degrader assets in high-value therapeutic areas such as oncology and inflammation. The funding will also support the advancement of its internal programs, including the allosteric PLK1 program for brain cancer, which is expected to enter clinical trials in the coming years.

As PhoreMost expands its GlueSEEKER platform and advances its degrader pipeline, it is well-positioned to deliver groundbreaking advancements in drug discovery. These efforts will offer hope for patients suffering from conditions that currently have limited or no treatment options.