Monte Rosa Therapeutics banks 96 million US dollars
The Basel-based biotechnology firm Monte Rosa Therapeutics has raised a total of 96 million US dollars after closing a successful Series B financing round. Using this fresh injection of capital, the company intends to drive forward the development of its molecule degradation platform that aims to eradicate proteins regarded either as difficult to medically treat or untreatable that occur in cases of cancer, for example.
Monte Rosa Therapeutics, a biotechnology company based in Basel, has raised to a total of 96 million US dollars as part of a Series B financing round. “The company is now poised to bring forward multiple drug candidates for some of the most difficult to treat cancers and other diseases”, comments Alexander Mayweg, Chairman of the Board of Directors, in a press release.
This financing round was led by Aisling Capital, although both Versant Ventures and the existing investor New Enterprise Associates were also involved in the process. In addition, Monte Rosa can call upon a further seven new investors. “We are pleased to have the support of this strong group of investors”, states Markus Warmuth, CEO of Monte Rosa, in the press release. As a result, the company is “now well positioned to broadly develop our integrated drug discovery platform and advance multiple new therapies toward clinical development”, Warmuth adds.
With the help of the platform developed by Monte Rosa, it should now be possible to design and develop small molecule degraders even more rationally. These are designed to complement the body’s innate ability to degrade proteins. With this approach, Monte Rosa Therapeutics is aiming to eradicate proteins that cause diseases regarded either as difficult to medically treat or which are untreatable, including those present in cancers. “Many approved drugs have been developed to inhibit a protein’s function. Monte Rosa’s goal is to eliminate the protein altogether”, explains Andrew Schiff from Aisling Capital. In connection with this financing round, Schiff is set to join the Board of Directors at Monte Rosa, as will Chandra P. Leo of HBM Partners.
Monte Rosa Therapeutics has offices in the centre of Basel and labs in the Technologiepark Basel. Versant Ventures also has offices in Basel.