NeoPhore closes oversubscribed Series B extension round with additional funding from Bristol Myers Squibb
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.
- 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.
- No immediate financial returns or clinical results reported.
- Potential delays in clinical advancements or drug delivery timelines.
The additional funding from Bristol Myers Squibb (BMS) in NeoPhore's oversubscribed Series B extension round is a promising development for investors. BMS's involvement signals a major validation of NeoPhore's research and its potential in the highly competitive immuno-oncology field. Financially, this investment will strengthen NeoPhore's balance sheet, enabling it to advance its pre-clinical studies without immediate concerns about liquidity.
From a financial perspective, it's important to note that the successful completion of pre-clinical studies and progression to candidate drug selection significantly de-risks NeoPhore's R&D pipeline. This, in turn, could attract additional investments, potentially increasing the company's valuation. For BMS, this move can be seen as strategic, allowing them to potentially acquire or partner with NeoPhore in the future, securing a foothold in the innovative MMR pathway therapeutics.
The focus on exploring novel biology around the DNA mismatch repair (MMR) pathway is significant in the context of cancer therapeutics. NeoPhore's approach to targeting MMR pathways to induce neoantigen expression and increase immunogenicity in solid tumors represents a promising avenue for improving the effectiveness of immunotherapy. This is notable because many current treatments face challenges with resistance and limited efficacy in certain cancer types.
By advancing their pre-clinical studies and aiming to deliver a candidate drug by 2025, NeoPhore can potentially address unmet medical needs in oncology. The involvement of BMS, a leading player in the field, lends credibility to NeoPhore's scientific approach and could accelerate the development timeline. For investors, this represents a high-risk but potentially high-reward opportunity, contingent on the successful translation of pre-clinical findings into clinical outcomes.
- Additional funding will be used to explore novel biology around the MMR pathway and accelerate progression of the lead program into candidate selection
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
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
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.
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SOURCE NeoPhore
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