Elasmogen, a Scottish biopharma developing soloMER biologics, has secured £2 million in follow-on equity from Deepbridge Capital.
Deepbridge Capital, who has supported Elasmogen from seed-stage, has now invested £3.15 million in the company.
The funding will be used to accelerate the development of the company’s next generation biologics for site-specific delivery and treatment of diseases refractory to existing drug therapies.
“We are delighted that Deepbridge has continued to support our future development,” said Elasmogen CEO Caroline Barelle.
The potential of soloMERs
soloMERs are Elasmogen’s proprietary, humanized versions of drugs originally based on a protein found in nature called a VNAR. VNARs are small (11 kDa), antibody-like proteins and are key components of a shark’s immune system.
Elasmogen has created drug libraries of more than 100 billion unique soloMERs, from which new drug leads can be isolated.
The soloMERs’ small size, highly stable nature and simple structure makes them ideal for delivering more effective treatments for diseases such as rheumatoid arthritis and cancer.
The company is currently progressing its own internal pipeline of novel drugs as well as enjoying a growing number of successful commercial partnerships, where soloMERs are being used to target potent drug warheads (so called drug conjugates) for the treatment of aggressive and life-shortening diseases.
“Our pre-clinical data sets are becoming more and more compelling,” said Ms Barelle.
“This data is turning our original hypotheses about the unique selling points of our soloMERs into scientific reality. In fact, we now have results that show our drugs, at least in the laboratory, are 10x more potent than existing therapies.
“In addition, carefully selected partnerships are accelerating the disease modifying potential of our soloMERs, delivering the potential to destroy hard to treat cancers by stealth and from deep inside the solid-tumour.”