Drug discovery startup PharmEnable has secured $7.5m (£6m) in a pre-Series A raise led by Mitsubishi Tanabe Pharma Group’s venture capital division, MP Healthcare.
The Cambridge-based biotech has developed an “AI-powered” drug discovery technology to create small molecule drugs that are inspired by nature.
Cambridge Enterprise, the University of Cambridge Enterprise Fund VIII – operated by Parkwalk Advisors – Heyford Trust, o2h Ventures, Martlet Capital, Arrowfield Capital, Wren Capital, and angel Jonathan Milner joined MP Healthcare in the funding round.
Dr Hannah Sore, CEO of PharmEnable, said: “At PharmEnable, we believe that everyone deserves safe and effective treatments, and we are committed to applying the principles chemical novelty, diversity and three-dimensionality to design powerful new small molecule drugs.”
Founded by Sore, along with CBO Dr Jelena Aleksic and CSO Dr Natalia Mateu (CSO), PharmEnable hopes its technology can “tackle challenging biological targets” and provide “lower attrition rates”.
The biotech startup will use the proceeds from its pre-Series A for oncology and neurology projects.
“MPH is dedicated to supporting next-generation products and technologies to increase the options available to patients with significant unmet medical needs,” said Dr Jeffrey Moore, board director of PharmEnable.
“We continue to explore novel modalities of treatment, including biotherapeutics, nucleic acid medicines and cell therapies.”
MP Healthcare president Dr Jeffrey Moore becomes board director of PharmEnable as part of the round. Dr Keith Blundy, from Cambridge Enterprise and formerly STORM Therapeutics CEO, replaces Dr Christine Martin.