PolyProx Therapeutics, a biotechnology company focused on the discovery and development of novel biopharmaceuticals for the treatment of cancer, today announces that it has raised an additional £1 million seed capital from new investor, LifeArc.
PolyProx Therapeutics raises an additional £1m seed financing to validate polyproxin® drug leads in oncology
The additional funding will be used 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. LifeArc joins existing investors, Cambridge Innovation Capital, RT Capital and Cambridge Enterprise.
PolyProx Therapeutics - based at the Babraham Research Campus in Cambridge - 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.
A spin out from the Department of Pharmacology at the University of Cambridge, PolyProx Therapeutics is based on over a decade of research and intellectual property from Founder Professor Laura Itzhaki’s laboratory. Serial Cambridge biotech entrepreneurs Kevin Moulder (Chief Operating Officer) and Andrew Sandham (Executive Chairman), lead the team.
Independent medical research charity, LifeArc, is focused on translation; helping to turn promising science into benefits for patients by advancing medical research towards patient treatments and diagnostics. LifeArc’s investment in PolyProx Therapeutics has been made via the LifeArc Seed Fund, a £25 million fund focused predominantly on opportunities in the UK with the objective of optimising the chances of bringing transformative science to the clinic.
Enrique Millan, Investment Principal, LifeArc Seed Fund, who will sit on the PolyProx Therapeutics board commented: “LifeArc’s Seed Fund was established to help translate promising medical research into patient benefit. We are excited to be working with the PolyProx team on the development of a novel, first-in-class therapeutic modality that could potentially address some of the challenges in cancer treatment.”
Andrew Sandham, Executive Chairman, PolyProx Therapeutics added: “We are delighted to welcome LifeArc as an investor which enables us to expand our drug discovery resources following our recent move to new laboratories in Cambridge. We have made exciting progress on our polyproxin® drug discovery projects in oncology and look forward to sharing proof of concept data with prospective investors and partners later this year.”
For more information please visit: www.polyprox.com
About PolyProx Therapeutics
PolyProx Therapeutics is a biotechnology company focused on the discovery and development of novel biopharmaceuticals, called polyproxin® molecules, for the treatment of cancer. Incorporated in November 2018, the company is a spin-out from the Department of Pharmacology at the University of Cambridge by co-founders Professor Laura Itzhaki, Dr Albert Perez-Riba and Dr Pamela Rowling. PolyProx Therapeutics is based at the Babraham Research Campus.
LifeArc is a self-funded medical research charity. Our mission is to advance translation of early science into health care treatments or diagnostics that can be taken through to full development and made available to patients. We have been doing this for more than 25 years and our work has resulted in a diagnostic for antibiotic resistance and four licensed medicines.
Our success allows us to explore new approaches to stimulate and fund translation. We have our own drug discovery and diagnostics development facilities, supported by experts in technology transfer and intellectual property who also provide services to other organisations. Our model is built on collaboration, and we partner with a broad range of groups including medical research charities, research organisations, industry and academic scientists. We are motivated by patient need and scientific opportunity.
Two funds help us to invest in external projects for the benefit of patients: our Philanthropic Fund provides grants to support medical research projects focused on the translation of rare diseases research and our Seed Fund is aimed at start-up companies focused on developing new therapeutics and biological modalities.
Find out more about our work on www.lifearc.org
Babraham Bioscience Technologies Ltd (BBT) is responsible for the commercial development of the Babraham Research Campus. The Babraham Research Campus is distinct in its co-location of bioscience companies with the Babraham Institute, a world-renowned research organisation. The Campus provides companies laboratory and office space together with access to outstanding scientific facilities in an ideal geographical location at the core of the Cambridge cluster.