Cambridge-headquartered, Apollo Therapeutics, a biopharmaceutical startup, completed the second close of its Series C round with an additional $33.5 million in December. With this, the total funding raised by the company accounts for $260 million.
The round was led by Patient Square Capital alongside participation by multiple new investors including M&G plc and two of the largest US public pension plans, and existing investors, including Rock Springs Capital.
How will it use the funds?
Apollo Therapeutics plans to use the fresh funds to advance pipeline programs through clinical development and additional funding for its drug discovery and development activities based on breakthroughs in basic medical research made at its partner institutions. In addition, it will licence or acquire additional clinical-stage programs that meet strict selection criteria.
Innovative medicines from research
Led by CEO Richard Mason, Apollo Therapeutics is a biopharmaceutical company focused on translating fundamental medical research into medicines. The portfolio model employs a ‘hub-and-spoke’ approach, in which the core team oversees capital allocation and experts in various areas like pharmaceutical research, manufacturing, commercial strategy, fundraising, and business development.
The advantages of this model, which incorporates best practices from big pharma and venture capital include enhanced focus at the individual asset level, access to centralised expertise and scale-up capabilities, providing operational efficiencies, and the attraction of the best talent into both centralised management teams and asset leadership positions.
Also, the company claims that it will provide flexibility in both capital financing and routes to liquidity, and risk mitigation through a diversified portfolio with uncorrelated risk, attracting a wider investor base.
“We are delighted to have completed the second close of our Series C financing in December and thank existing investors for their additional support, as well as welcoming new shareholders to the Company,” said Dr. Richard Mason, Chief Executive Officer of Apollo Therapeutics. “We are progressing a broad and diversified pipeline of over 20 uncorrelated therapeutic programs, with multiple assets about to enter the clinic in early 2024. We look forward to an exciting year ahead.”
