Series B23 March 2021

PhoreMost raises £33m in a Series B round led by BGF to advance oncology pipeline.

The financing round was led by BGF with participation from new and existing backers to support clinical development.

£33.0MSeries B

PhoreMost is a British biopharmaceutical company that develops novel therapies for oncology and diseases of ageing using its proprietary SITESEEKER platform.

Cambridge-based biopharmaceutical company PhoreMost has secured £33m in a Series B funding round led by BGF. The financing drew participation from several new backers, including XtalPi, Astellas Venture Management, Trend Investment Group, and o2h ventures, alongside existing supporters Parkwalk Advisors, Morningside Ventures, and Jonathan Milner. The capital will be used to advance the company's lead oncology asset into clinical trials and expand its internal drug discovery pipeline.

From the founder

"We are thrilled to include this exceptional group of investors in PhoreMost’s Series B funding round. We are grateful for the continued support of existing investors and are delighted to welcome BGF, alongside strategic investors XtalPi with whom we have a highly valued ongoing research collaboration, and Astellas Venture Management."

Chris Torrance

CEO at PhoreMost

Investor perspective

"The team at BGF has been actively engaged in expanding our support for life sciences companies in the UK and we are excited to join the PhoreMost team on the next phase of their journey. The Company’s SITESEEKER technology is highly differentiated, addressing an important market need in the identification of novel drug sites within targets previously considered undruggable. We have been consistently impressed with the strong and experienced management team, and we believe PhoreMost is now in an ideal position to capitalise on the potential of its lead asset and innovative pipeline."

Tim Rea

head of early stage, BGF