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.
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 Enterprise, Cambridge Innovation Capital and RT Capital.
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.
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.”Tags: Cambridge innovation capital, Department of Pharmacology, Laura Itzhaki, LifeArc, PolyProx Therapeutics, polyproxin® molecule