German biotech, Evotec, and a venture capital consortium have formed a spin-off company developing its DNA damage response portfolio.
This portfolio comprises discovery-stage assets and drug targets that promise broad therapeutic application in a variety of cancers.
Breakpoint Therapeutics’ mission is to develop first and best-in-class oncology drugs that interfere with DNA repair and replication stress pathways to facilitate the cure of therapy-resistant cancers.
The new company will initially focus on advancing multiple drug discovery programmes initiated at Evotec that address high unmet medical needs of different patient groups.
The goal of the spin-off is to accelerate early projects through discovery and pre-clinical development and expect to deliver the first IND-ready drug in 2022.
The early stage funding amounting to €30 million will be covered by a renowned international investor consortium led by Medicxi, a life sciences-focused investment firm; Taiho Ventures, the venture capital arm of Taiho Pharmaceutical, and Evotec.
Evotec will hold below 50% of the company and consolidate at equity accordingly.