Global pharma giant Pfizer has piled into a $32 million Series B funding round for Cambridge UK medical technology pioneer MISSION Therapeutics.
Pfizer Venture Investments has joined the company’s impressive investor syndicate to advance compounds through preclinical development for genetically-defined cancers. MISSION is now backed by the VC arms of three of the top five pharmaceutical companies in the world.
Pfizer Venture Investments joined existing investors Sofinnova Partners, Imperial Innovations, S.R. One and Roche Venture Fund in the new financing.
The cash will drive the development of MISSION’s Ubiquitin pathway inhibitors – technology curated in the laboratory of Professor Stephen Jackson at the University of Cambridge’s Gurdon Institute.
MISSION was founded to exploit advances in the biology of the DNA damage response for the discovery of new classes of therapeutic agents with novel mechanisms of action.
It has progressed several small molecule discovery programmes focused on key enzymes in the ubiquitin pathway to selectively target difficult-to-treat cancers. The financing round will enable MISSION to advance its lead programmes for the treatment of various genetically defined cancers, through preclinical development and to further exploit the potential of its novel DUB technology platform.
MISSION’s executive chairman Michael Moore, said: “This timely investment will significantly enhance our internal capabilities and strategic goals. It will enable us to build on the company’s achievements since inception two years ago, strengthen our management team and advance our lead compounds towards the clinic.”
MISSION received Series A funding of $9.6m in August 2011.
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