A biotechnology company focused on the treatment of cancer has announced 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 Innovation Capital, RT Capital and Cambridge Enterprise.
Andrew Sandham, Executive Chairman, PolyProx Therapeutics said: “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.”
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. 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 at LifeArc Seed Fund, said: “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.”