As a result of the additional CHF 4.7 million raised, Tolremo Therapeutics received a total of CHF 13.7 million in a Series A financing round, according to a press release. In addition to the venture capitalists BioMedPartners AG and Altos Venture AG, existing investors such as Zürcher Kantonalbank (ZKB) and Redalpine Venture Partners AG have now also participated.
Tolremo develops cancer therapies for precision medicine, in which resistance is prevented. With the successful financing round, the first product candidate is now to be further developed for clinical development. In addition, the development program of the Basel-based company is to be expanded.
Resistance to cancer drugs would continue to stand in the way of long-term patient well-being, according to Stefanie Flückiger-Mangual, co-founder and CEO of Tolremo. The additional funds would bring the development of precision therapies for cancer patients, in which resistance is prevented, one step closer.
Tolremo is also strengthening its management team. Reinhard Ambros, former Head of the Novartis Venture Fund, will become the new Chairman of the Board. And Guido Hartmann, former Head of Pharmacology at Therachon AG, has been appointed as the new COO/Head Translational Sciences.
Tolremo Therapeutics was also supported by BaseLaunch, the Basel Area-based incubator and accelerator that helps researchers and entrepreneurs create exceptional biotech companies. BaseLaunch is operationally run and financed by Basel Area Business & Innovation, the investment and innovation promotion agency of the Basel Area.
