NeoPhore secures extra Series B funding from Bristol Myers Squibb

NeoPhore Limited, a company specializing in small molecule neoantigen immuno-oncology, has announced that Bristol Myers Squibb has joined its oversubscribed Series B extension round. This new investment will allow NeoPhore to delve deeper into the biology of the DNA mismatch repair (MMR) pathway in cancer and push forward its pre-clinical studies. As a result, the company aims to deliver a candidate drug by 2025.

NeoPhore is committed to developing a pipeline of small molecule drugs that target novel proteins within the MMR pathway. These drugs are intended to be next-generation immuno-oncology therapeutics designed to improve outcomes for cancer patients. NeoPhore’s MMR inhibitors are unique in that they induce neoantigen expression and boost immunogenicity in solid tumors, making them highly susceptible to immunotherapy.

Dr. Matthew Baker, CEO of NeoPhore, expressed enthusiasm about the partnership with Bristol Myers Squibb. He emphasized that the additional funding would bolster NeoPhore’s efforts to complete essential pre-clinical studies, enabling the company to deliver a candidate drug for their lead PMS2 program by 2025. Dr. Robert James, Chairman of NeoPhore, also highlighted the significance of Bristol Myers Squibb's support, noting that it validates NeoPhore's novel approach to targeting the MMR pathway with small molecule inhibitors to treat cancer. He anticipates a year of substantial progress for the company's pre-clinical programs building on their achievements in 2023.

NeoPhore, based in the UK, is focused on discovering and developing novel small molecule therapies that treat cancer by stimulating the immune system. The creation of cancer neoantigens in tumors can be leveraged by the patient's immune system to counteract cancer's natural defense mechanisms. NeoPhore’s approach targets the DNA mismatch repair (MMR) pathway, which has been shown to promote neoantigen formation and subsequent immunity against various cancers. Utilizing these insights, NeoPhore aims to develop next-generation immuno-oncology therapeutics to improve clinical outcomes for cancer patients. The company was spun out of the University of Turin and PhoreMost Ltd by the CRT Pioneer Fund.

Bristol Myers Squibb, a global biopharmaceutical company, aims to discover, develop, and deliver innovative medicines that help patients overcome serious diseases. This partnership marks an important milestone for NeoPhore, aligning with Bristol Myers Squibb's mission to improve patient outcomes through innovative treatments.