Muttenz (Basel-Landschaft), June 9th 2020. TOLREMO therapeutics AG (“TOLREMO”), a privately held Swiss biotechnology company developing resistance-preventing precision therapies for patients with cancer, announced today a second closing of its Series A round totaling CHF 13.7M (USD $14.2M).
The second closing was led by Swiss venture capital firms BioMedPartners AG and Altos Venture AG. Existing participating investors included the Swiss venture capital firm Redalpine Venture Partners AG as well as the Swiss bank Zürcher Kantonalbank and several experienced private biotech investors.
The additional funds are dedicated to the development of TOLREMO’s first clinical candidate and to the further strengthening of the company’s preclinical pipeline of resistance-preventing assets.
“We are delighted about the strong commitment and continuous financial support from our strong shareholder base. Drug resistance in cancer continues to be a major hurdle in achieving long-term patient benefit. The additional funds bring us one step closer to delivering a new wave of resistance-preventing precision therapies to patients with cancer,” commented Dr. Stefanie Flückiger-Mangual, CEO and co-founder of TOLREMO.
TOLREMO also announced the appointment of Dr. Reinhard Ambros, former Global Head of the Novartis Venture Fund, as Chairman of the Board as well as Dr. Guido Hartmann, former Head of Pharmacology at Therachon AG (acquired by Pfizer in 2019), as COO/Head Translational Sciences.
Dr. Reinhard Ambros, Chairman of the Board explained: “This is an exciting time to become involved with TOLREMO. The company’s focus on non-genetic drug resistance in cancer is unique in the field and has the potential to introduce a paradigm shift in the way we deliver solutions for long-lasting therapeutic benefit to patients.” Dr. Guido Hartmann elaborated: “It is impressive how TOLREMO has used its platform to identify and validate a novel regulator of drug resistance in cancer in such a short time since foundation. I am thrilled to contribute to the continued success of the company.”