SAN DIEGO--(BUSINESS WIRE)--Neomorph, Inc. announced a $109 million Series A financing to advance a proprietary targeted protein degradation platform and specific programs. Deerfield Management Company established Neomorph earlier this year with scientific founders Phil Chamberlain, DPhil; Eric Fischer, PhD; Benjamin Ebert, MD, PhD; and Scott Armstrong, MD, PhD.
The founding management team comprises pharmaceutical veterans with deep industry knowledge in targeted protein degradation drug discovery. Led by Dr. Chamberlain as President and Chief Scientific Officer, Neomorph has recruited top industry talent who have made major contributions to the field, including: Rohan Beckwith, PhD; Gang Lu, PhD; Mary Matyskiela, PhD; Ben Wen, PhD; and Samer Chmait.
Targeted protein degradation offers opportunities to develop novel therapeutics across a broad range of disease areas, including oncology. Strategies for protein degradation have been shown to solve critical problems in drug discovery by enabling researchers to target previously “undruggable” proteins that lack suitable binding pockets required for conventional drug activity.
Of particular note, Neomorph’s founders are responsible for several fundamental scientific developments in the “molecular glue” field. Molecular glues are types of molecules that encourage proteins to come together that normally would not interact. Neomorph plans to build on the collective pivotal research findings of the team to advance the technology of targeted protein degradation and solve critical problems in human health.
“Having the ability to achieve this milestone during these unprecedented times is a testament to Neomorph’s capabilities in the protein degradation and molecular glue space,” said Dr. Fischer, who is also an Associate Professor in the Department of Biological Chemistry and Molecular Pharmacology at Harvard Medical School and an Independent Investigator at the Dana-Farber Cancer Institute. “I am humbled to be a part of a team poised to make real strides in advancing the science. We believe we are in an excellent position to take our technology to the next level with the ultimate goal of delivering transformative treatments to patients in need.”
“The Neomorph team has deep expertise in pharmacological approaches to targeted protein degradation and we are excited to be developing new therapeutics for patients with diseases that are currently difficult to treat,” said Dr. Armstrong, who is also David G. Nathan, MD, Professor of Pediatrics at Harvard Medical School and the Dana-Farber Cancer Institute.
Utilizing Deerfield seed funding and operational support since the first quarter of 2020, Neomorph has established a research site in San Diego at the Genesis Science Center in Sorrento Mesa, California. This Series A financing will position Neomorph to further develop its platform, advance lead programs, and expand the research team.
“As a drug strategy, protein degradation has enormous potential as it leverages the cell’s natural system for clearing unwanted or damaged proteins,” said Deerfield Partner Cameron Wheeler, PhD. “We believe there continues to be a significant opportunity in protein degradation, in particular as it relates to the glue space. Neomorph is in an exceptional position and couldn’t have a more seasoned and knowledgeable team in place to interrogate and advance drug targets. The Company’s success could potentially lead to life-altering therapies.”
Neomorph will benefit from a close collaboration with the Center for Protein Degradation at Dana Farber Cancer Institute. With its investment, this expands Deerfield’s commitment in the space given the firm’s longstanding partnership and collaboration with Dana Farber Cancer Institute.
About Neomorph, Inc.
A venture-backed biotechnology company based in San Diego, California, Neomorph is building a leading protein degradation entity, focused on “molecular glue” degraders. Neomorph’s mission is to use this technology to solve critical problems in human health with the discovery and development of innovative new medicines against “undruggable targets.”
Neomorph comprises scientific leaders from academia and industry who have demonstrated years of commitment and success in the field, and who remain dedicated to advancing the science and technology and delivering highly impactful drugs. The Neomorph team intends to concentrate their efforts on accelerating molecular glue drug discovery, while shepherding a pipeline of projects through clinical development. The Company maintains an important close affiliation with the Center for Protein Degradation at the Dana Farber Cancer Institute.