PhoreMost Ltd., a UK biopharmaceutical company, secured an additional USD $12 million investment to advance its innovative oncology and inflammation degrader programmes, raising its total Series B funding to over $50 million.

Information on the Target

PhoreMost Ltd., a prominent biopharmaceutical enterprise based in the UK, is dedicated to pioneering the next generation of drug targets. As a spin-out from the University of Cambridge, the company is committed to advancing innovative oncology and inflammation degrader programmes. Recently, PhoreMost announced an additional USD $12 million investment in its Series B financing, raising the total funds to over $50 million, aimed at further developing its extensive pipeline of novel degrader assets.

The company harnesses its proprietary SITESEEKER® platform to facilitate novel ligase discovery, which is crucial for its drug development strategies. Since the completion of its previous Series B financing round in 2021, PhoreMost has significantly expanded its drug discovery operations, achieving proof-of-concept studies for various next-generation degrader programmes, and marked progress towards preclinical development for these innovative therapies.

Industry Overview in the UK

The biopharmaceutical sector in the UK is a vital component of the nation’s economy, characterised by its robust research institutions and a rich pipeline of innovative therapies. The industry has seen significant investments and breakthroughs, particularly in the areas of onc