CHF 9m for cancer-beating Tolremo
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Biotech Tolremo has announced the completion of an oversubscribed series A financing round of CHF 9 million. With the capital increase, the ETH Spin-off will further advance two major drug development programs.
The funding round was led by Swiss venture capital firm BioMedPartners, with contributions from Swiss venture capital firms Redalpine and Altos Venture, as well as existing shareholders and experienced biotech investors. “We are thrilled about the great interest our financing round has received from the private and professional investor community. We greatly appreciate the continued support of our shareholders and we are excited to have attracted internationally renowned investment firms like BioMedPartners, Redalpine, and Altos Venture,” commented Stefanie Flückiger-Mangual, CEO and co-founder of Tolremo.Tolremo has developed a unique cancer drug resistance platform which enables the creation of add-on therapies to existing cancer therapies. Today, despite medical advances, resistance to cancer therapies continues to limit the long-term survival of many patients. This innovative therapeutic approach eradicates the cancer cells that cause drug resistance and meaningfully extends the lives of patients suffering from cancer.
Tolremo, incorporated in March 2017, was named number 31 in the TOP 100 Swiss Startup Award 2018 and is among the TOP 5 biotechs in the ranking.
The capital increase follows a successful fundraising of CHF 2.4 million one year ago, which allowed Tolremo to validate its proprietary drug resistance screening platform, license additional IP, initiate a second R&D program and identify the first resistance-breaking lead compounds. The new funds will be used to further advance two major drug development programs to prevent drug resistance in cancer therapies.
