SAN DIEGO--(BUSINESS WIRE)--Alterome Therapeutics, Inc., a biopharmaceutical company pioneering the development of alteration-specific targeted therapies for the treatment of cancer, today announced that it has raised more than $35 million in a Series A2 financing, bringing total funds raised to nearly $100 million. Colt Ventures and OrbiMed co-led the round, with participation from all Series A investors including Nextech Invest, Vida Ventures, and Boxer Capital. The original round of $64 million closed in January 2022.
The proceeds will be used to advance Alterome’s pipeline of three next-generation precision oncology programs designed using “The Kraken,” its in-house computational chemistry platform. The Kraken provides precise, atomic-level insights into molecular interactions and enables ligand activity and binding mode predictions that inform the company’s expert team of medicinal chemists with approaches to design novel, exquisitely selective, alteration-specific therapies.
“We are very pleased to welcome Colt Ventures to our investor syndicate and are grateful to our existing investors for their continued support of our vision to relentlessly push the boundaries of cancer treatments to transform the lives of patients, one alteration at a time,” said Eric Murphy, Ph.D., founder, CEO and CSO of Alterome Therapeutics. “Our unique blend of computational chemistry, medicinal chemistry, and translational biology experience combined with next-generation drug discovery technologies enable the discovery of therapeutics that address well-known oncogenic drivers while increasing the safety profile.”
Sundeep Agrawal, M.D., General Partner at Colt Ventures said, “By bringing the latest advances in chemistry, biology, pharmacology, and genomics to bear on genomically-defined alterations, we believe that Alterome can make a meaningful impact on patients with cancers where too few treatment options exist. We are thrilled to lead this funding round and believe Alterome’s experienced leadership team is well-positioned to deliver a truly transformational approach to precision cancer therapeutics.”
About Alterome Therapeutics, Inc.
Alterome Therapeutics, Inc. is a precision oncology biotech developing alteration-specific therapeutics to address high-value and validated oncogenic drivers. The company is led by an expert team of precision oncology R&D leaders with a history of developing marketed oncology small molecule drugs.
For more information, visit www.alterome.com.