New biopharma launches with $30m fundraising

BridgeBio raises $299m to support drug research efforts
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A new biopharmaceutical company has launched after raising $30 million in series a financing with the aim of developing disease modifying therapeutics in immunometabolism.

Sitryx was founded with seed funding from SV Health investors which co-led the aforementioned finance round with Sofinnova Partners. The round also included Longwood Fun and GSK.

The investment will be used to develop disease-modifying therapies in immuno-oncology and immuno-inflammation.

Immunometabolism is a fast-emerging area of investigation into the role of metabolic pathways in immune cell function. Changes to these pathways have been shown to be pivotal in the development of several severe diseases – including a range of cancer and autoimmune conditions.

Correcting immune cell function and/or inhibiting tumour cell growth through immunometabolic therapies have the potential to be key, complementary and highly differentiated approaches to treating disease.

Sitryx is leveraging the scientific expertise of its founders in the field of immunometabolism to address a broad range of immunometabolic targets.

Through differentiated chemistry approaches – including small molecules, proteolysis targeting chimera (PROTACS) and topical formulations – Sitryx has built a portfolio of projects addressing oncology and immuno-inflammatory indications.

Its proprietary science is supported through close working with GSK’s drug discovery and chemistry experts.

Sitryx has recruited a team of highly experienced drug discovery and development leaders including CEO Neil Weir, formerly SVP Discovery at UCB Pharma.

Mr Weir said: “Immunometabolism is an extremely exciting and compelling scientific area and, at Sitryx, we have seen that modulation of these key cellular pathways has broad therapeutic potential across multiple disorders with unmet medical need, particularly in the areas of immuno-oncology and immuno-inflammation.”