NeoPhore closes oversubscribed Series B extension round with additional funding from Bristol Myers Squibb

Rhea-AI Summary

NeoPhore announced that Bristol Myers Squibb (NYSE: BMY) has joined its oversubscribed Series B extension round. The additional funding will enable NeoPhore to explore novel biology associated with the DNA mismatch repair (MMR) pathway in cancer and advance its lead program to candidate selection by 2025. NeoPhore targets the MMR pathway to develop next-generation immuno-oncology therapeutics. The funding strengthens NeoPhore's position in pre-clinical studies, aiming to deliver a candidate drug for its lead PMS2 program. The announcement underscores NeoPhore’s approach to inducing neoantigen expression and immunogenicity in solid tumors.

Positive

• Bristol Myers Squibb's investment in NeoPhore strengthens strategic funding.
• Additional funding supports the exploration of novel biology in the MMR pathway.
• The Series B extension enables progression of pre-clinical studies.
• NeoPhore aims to deliver a candidate drug for its lead PMS2 program by 2025.

Negative

• No immediate financial returns or clinical results reported.
• Potential delays in clinical advancements or drug delivery timelines.

News Market Reaction

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• Additional funding will be used to explore novel biology around the MMR pathway and accelerate progression of the lead program into candidate selection

LONDON, May 22, 2024 /PRNewswire/ -- NeoPhore Limited, a small molecule neoantigen immuno-oncology company, today announces that Bristol Myers Squibb (NYSE: BMY) has joined its oversubscribed Series B extension round.

The additional investment from Bristol Myers Squibb will enable NeoPhore to explore novel biology associated with the DNA mismatch repair ('MMR') pathway in cancer, as well as further progress its pre-clinical studies and deliver a candidate drug in 2025.

NeoPhore is focused on building a pipeline of small molecule drugs targeting novel proteins across the MMR pathway to generate next-generation immuno-oncology therapeutics to improve clinical outcomes for cancer patients. Its first-in-class MMR inhibitors induce neoantigen expression and increase immunogenicity in solid tumours that become exquisitely sensitive to immunotherapy.

Dr Matthew Baker, Chief Executive Officer of NeoPhore, said: "We are thrilled to have Bristol Myers Squibb, an innovator in the immuno-oncology space, join our oversubscribed Series B extension round. The funding strengthens NeoPhore's position and enables us to complete the necessary pre-clinical studies to deliver a candidate drug for our lead PMS2 program in 2025."

Dr Robert James, Chairman of NeoPhore, said: "The addition of Bristol Myers Squibb to the Series B extension supports NeoPhore's novel approach to targeting the MMR pathway with small molecule inhibitors to treat cancer. Building on NeoPhore's successes in 2023, we hope to see a year of progress for the Company's pre-clinical programs".

NOTES TO EDITORS

About NeoPhore Ltd

NeoPhore, UK is focused on the discovery and development of novel small molecule therapies to treat cancer through stimulation of the immune system. Generation of cancer neoantigens in tumours can be exploited by the patients' immune system to overcome natural defence mechanisms in cancer. The Company's approach targets the DNA mismatch repair (MMR) pathway, which has been proven to promote neoantigen creation and subsequent immunity against numerous cancers. Using these insights, NeoPhore aims to generate next-generation immuno-oncology therapeutics to improve clinical outcomes for cancer patients. NeoPhore was spun-out of the University of Turin and PhoreMost Ltd by the CRT Pioneer Fund. For more information, please visit www.neophore.com

About Bristol Myers Squibb Company

Bristol Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop, and deliver innovative medicines that help patients prevail over serious diseases. For more information about Bristol Myers Squibb, visit us at BMS.com or follow us on LinkedIn, Twitter, YouTube, Facebook, and Instagram.

 

View original content:https://www.prnewswire.com/news-releases/neophore-closes-oversubscribed-series-b-extension-round-with-additional-funding-from-bristol-myers-squibb-302151957.html

SOURCE NeoPhore

FAQ

What is the significance of Bristol Myers Squibb's investment in NeoPhore?

Bristol Myers Squibb's investment in NeoPhore's Series B extension round strengthens NeoPhore's funding and supports the exploration of novel biology in the MMR pathway.

What will NeoPhore use the additional funding for?

NeoPhore will use the additional funding to explore novel biology around the MMR pathway and to progress its lead program into candidate selection by 2025.

How does NeoPhore intend to improve cancer therapy?

NeoPhore focuses on the MMR pathway to generate neoantigen expression and increase immunogenicity in solid tumors, aiming to develop next-generation immuno-oncology therapeutics.

When is NeoPhore expected to deliver a candidate drug for its lead PMS2 program?

NeoPhore aims to deliver a candidate drug for its lead PMS2 program by 2025.

What is the DNA mismatch repair (MMR) pathway?

The MMR pathway is a mechanism in cells that repairs errors in DNA, which can be targeted to induce neoantigen expression and improve immunity against cancers.