NeoPhore raises £15.2m to advance cancer portfolio

Immuno-oncology company NeoPhore has announced the close of a £15.2m funding round to advance its drug discovery pipeline in oncology.

Neophore is currently developing first-in-class molecule drugs targeting the DNA mismatch repair (MMR) pathway for treating cancer .The company is working on research examining how the inhibition of MMR in tumours generates neoantigens – a protein which forms on cancer cells when mutations occur in DNA – that patients’ immune systems can target with an anti-tumour response.

Dr Robert James, chairman of NeoPhore, said: “We welcome the new investors to NeoPhore. The recent emergence of novel immunotherapy treatments highlights that the patients’ immune system can both detect and fight cancer. However, long-lived and effective cancer immunity relies strongly on the presence of cancer neoantigens. NeoPhore is discovering drugs that create neoantigens and this financing will enable NeoPhore to cement its leading position in MMR drug discovery.”

Dr Matthew Baker, chief executive officer of NeoPhore, added: “This financing validates NeoPhore’s novel and highly differentiated approach. Our programmes comprise novel first-in-class inhibitors and modulators that target the MMR pathway.  These drugs are designed to work in concert with existing immunotherapies to stimulate immunity directly at cancer's core, effectively forcing cancer cells to reveal themselves to the patients’ immune system.  We anticipate a huge patient benefit in the level and durability of anti-cancer responses in a wide range of indications.”

The funding round was led by Claris Ventures and included 2Invest, 3B Future Health Fund and Astellas Venture Management alongside founding investor the CRT Pioneer Fund.

Pietro Puglisi, managing partner at Claris Ventures, said: “We have been impressed by the excellent work achieved by the NeoPhore team and we are excited to be part of such an experienced and engaged investor syndicate. We see tremendous potential to generate first-in-class next-generation immuno-oncology therapeutics to improve clinical outcomes for solid tumour cancer patients.”