PhoreMost is a Cambridge, UK-based biopharmaceutical company focused on discovering novel ligases and developing degrader therapeutics using its SITESEEKER® target ID platform. The company has also launched the GlueSEEKER™ platform to inform molecular glue design for targets not previously addressable. PhoreMost expanded its drug discovery operations and advanced multiple next-generation degrader programmes through proof-of-concept studies since its prior Series B close in 2021. The new funding will enable progression of novel degrader programs in oncology and inflammatory diseases toward preclinical development. The investment will also support further deployment of GlueSEEKER and the growth of new and existing pharma collaborations. PhoreMost is led by CEO Dr Neil Torbett. PhoreMost is a Cambridge-based biopharmaceutical company whose SITESEEKER® platform identifies novel therapeutic targets and rapidly discovers ways to drug them, including novel E3 ligands relevant to targeted protein degradation. The company is advancing a preclinical 'Allosteric PLK1' programme in collaboration with Sentinel Oncology toward clinical entry in 2022, initially targeting glioma. PhoreMost intends to progress multiple additional internal first-in-class drug-discovery programmes across oncology and ageing indications. The SITESEEKER platform has been deployed to expand target diversity and generate pipeline assets across oncology, ageing and targeted protein degradation modalities. Financially, the company completed an oversubscribed £33m ($46m) Series B and previously raised £11m ($15m) in a 2018 Series A. Management also announced board changes following the round, including Dr Catherine Beech assuming the Chair with Dr Jonathan Milner remaining as a non-executive director. PhoreMost’s core product is the next‑generation SITESEEKER® phenotypic screening platform, which identifies novel and cryptic druggable sites and suggests routes to develop small‑molecule drugs against them. The company has built a proprietary target pipeline, signed two pharma collaboration deals, and spun out NeoPhore to advance a cancer immunotherapy target into small‑molecule development. Founded as a Cambridge University spin‑out in 2015, PhoreMost completed technical and commercial validation by 2017. The Series‑A funding will be used to expand operations on the Babraham Research Campus and to progress several targets from SITESEEKER into first‑in‑class drug discovery programmes. Management states the approach aims to increase the diversity and affordability of novel therapies for cancer and other unmet diseases. PhoreMost, based in Cambridge, UK, has developed a screening platform called SiteSeeker that identifies cryptic druggable sites on targets and proposes ways to rapidly drug them with novel small molecules. The company was founded by Dr Chris Torrance (CEO) and Ashok Venkitaraman, Ursula Zoellner Professor of Cancer Research at the University of Cambridge and Director of the MRC Cancer Unit. It raised £4m in Series A equity and grant funding to advance its pipeline. PhoreMost intends to use the funds to develop selective and patient-specific drugs for cancer and other conditions lacking therapeutic options. The company also plans to explore cost-effective ways to apply such treatments. Hermann Hauser of Amadeus joined PhoreMost’s board in conjunction with the financing.

Total raised

$79M

Funding rounds

4

Latest round

Series B

Latest activity

Sep 2024