Advertise With UsAdvertise on our extensive network of industry websites and newsletters.
Get the PBR newsletterSign up to our free email to get all the latest PBR
news.Alterome Therapeutics, a biopharmaceutical company, has closed a $132m Series B financing round.
The funds will be channelled towards advancing multiple proprietary pipeline programmes into clinical trials. Credit: Tatiana from Pixabay.
Subscribe to our email newsletter
The funds will be channelled towards advancing multiple proprietary pipeline programmes into clinical trials, including a highly specific AKT1 E17K inhibitor and a KRAS selective inhibitor.
This significant financial milestone will support the company’s mission to develop targeted cancer therapies.
The Series B financing was spearheaded by Goldman Sachs Alternatives and saw contributions from other investors including Canaan Partners, Invus, Driehaus Capital Management, Digitalis Ventures, Blue Owl Capital, and existing investors such as Orbimed, Nextech Invest, Vida Ventures, Boxer Capital, and Colt Ventures.
The investment reflects a strong endorsement of Alterome’s strategic direction and innovative drug discovery platform.
In conjunction with the funding round, Alterome welcomed two new members to its board of directors: Josh Richardson, managing director within Life Sciences Investing at Goldman Sachs Alternatives, and Uwe Schoenbeck, a partner at Canaan Partners.
Alterome Therapeutics co-founder and CEO Eric Murphy said: “We are pleased with a financing of this magnitude that enables Alterome to advance multiple programmes into the clinic within the next 12 months.
“The precision oncology field has arrived at a special moment with the exciting evolution of both drug discovery and precision medicine. A unique integration of structure-guided drug discovery with deep translational biology is facilitating the development of novel therapies that address previously inaccessible proteins.
“We are thrilled to have the support of this visionary group of new and existing investors, who share our enthusiasm to face the challenge of targeting well-known cancer-causing mutations deemed undruggable for the previous 20 years.”
Alterome leverages its proprietary Kraken platform, which combines structure-guided drug discovery with machine learning, to develop precision small molecule therapies. These therapies are aimed at a wide range of validated oncogenic targetss.
The company’s founding mission is to create mutation-selective and isoform-selective therapies that preferentially target cancer cells while minimising harm to normal cells. This approach aims to enhance the inhibition of key cancer drivers and improve the safety profile of treatments.
The preclinical pipeline includes a covalent AKT1 E17K mutation-selective inhibitor and a KRAS isoform-selective inhibitor, which target 90% of KRAS mutations, including the most prevalent G12V and G12D mutations. These lead programmes are tailored for patients who currently have few treatment alternatives and are slated to enter clinical testing within the next year.
Life Sciences Investing at Goldman Sachs Alternatives managing director Dr. Josh Richardson said: “Alterome is advancing an exciting portfolio of therapies targeting validated oncogenic drivers, with clear paths to early clinical signals. Goldman Sachs is excited to join this exceptional group of investors to support the company in delivering a new class of precision oncology drugs that enable cancer patients to live longer and better lives.”
