Telormedix, a Swiss clinical-stage biopharmaceutical company focused on agonists in the treatment of cancer and inflammatory diseases, has raised CHF7.5m (€6.2m) from Basel-based Aravis Venture and Proquest Investments, based in San Diego, US.
The funding from Aravis and Proquest – both existing investors in Telormedix – will enable the company to further advance its product candidates through preclinical and clinical trials, and to support the development of additional promising molecules.
TMX-101, the company’s flagship product, is in a Phase I/II clinical trial for the treatment of non-muscle invasive bladder cancer. The company achieved significant preclinical results in October last year for TMX-202, a compound developed for the safe and effective topical treatment of skin cancer.
Jean-Philippe Tripet, a managing partner and founder of Aravis who also chairs the company’s board, said, “We see significant value potential in the drug candidates Telormedix is working on and I am looking forward to working with the management team in taking the company forward to its next stage of development.”
Dr Alain Schreiber, a general partner at ProQuest Investments, added, “We have been impressed with the rapid progress Telormedix has made in the last two years. We look forward to continued successful progress in the coming months and years.”
Aravis currently manages two funds focused on life science, Aravis Biotech I and II, and a third fund focused on renewable energy, Aravis Energy I. Since 1995 the firm has invested more than $600m in over 80 companies.
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