AdoRx Therapeutics said June 21 that it raised $10 million in an investment round financed by Epidarex Capital and CRT Pioneer Fund. AdoRx Therapeutics, of Edinburgh, Scotland, is a drug discovery company focused on identifying new cancer therapies.
AdoRx Therapeutics announces initial funding of $10 million for the discovery of new cancer therapeutics
Edinburgh, Scotland, 21st June 2018 – AdoRx Therapeutics, a UK based drug discovery company focused on the identification of new cancer therapeutics, today announced that it has closed an initial $10 million 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.
Commenting, Pete Finan, CEO of AdoRx, 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.”
Liz Roper, Partner at Epidarex Capital, added: “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.”
Ian Miscampbell of CPF commented: “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.”