Cambridge-based PhoreMost has been selected to receive a funding award of €1.96M (£1.4 million) from the UK’s innovation agency, Innovate UK, to develop its lead oncology programme targeting mutant KRAS cancers.
The British company that aims to provide low-priced and more diversed therapeutics, has developed ‘Site-Seeker’, a next-generation phenotypic screening platform based on PhoreMost’s Protein Interference technology. Site-Seeker can identify the best new targets for drug development and, crucially, how to develop them.
The company’s first drug discovery program is based on a novel target that addresses the “undruggable” cancer gene KRAS, which affects multiple types of cancer. This program is now entering a lead optimization phase and PhoreMost will be seeking partners for its further development by H2 2015.
The Innovate UK funding will support development of this programme through phases of lead optimization and candidate selection, with a longer perspective of creating a drug that may be tested in human clinical trials.
Innovate UK’s review provides independent and competitive validation of PhoreMost’s lead programme development strategy.