UK-based AdoRx Therapeutics, which is focused on discovering new cancer therapeutics, has secured an initial $10m investment round financed by Epidarex Capital and CRT Pioneer Fund (CPF).
AdoRx was founded in 2017 by leading healthcare investor Epidarex Capital and has assembled a group of highly experienced pharma industry veterans led by Pete Finan, former head of the Novartis Institutes of BioMedical Research UK site.
The company will focus on the discovery of new modulators of the adenosine pathway for the treatment of cancer.
AdoRx CEO Pete Finan said: "High levels of adenosine in the tumour enable cancer cells to evade the immune system. We have assembled a team that has discovered in excess of 25 clinical candidates to address this drug discovery challenge.
“We are pursuing fit-for-purpose adenosine receptor antagonists that are specifically designed to overcome a high adenosine environment."
Epidarex Capital partner Liz Roper said: "AdoRx has made significant progress in the very short time since the company was created and we are very excited about its potential.
“There is an unmet need for cancer therapies that achieve a durable response. This financing enables AdoRx to accelerate its programs and generate fit-for-purpose therapies targeting the adenosine pathway."
CPF’s Ian Miscampbell said: "We can see that AdoRx are taking a differentiated approach to tackling the adenosine pathway, an approach which could lead to real advancements in the fight against cancer.
“We are delighted to be a part of the next phase of AdoRx's development and look forward to working closely with the company."
Source: Company Press Release