On December 19, 2019 Metabomed, a leading cancer metabolism company reported that it has completed a financing of $12.5 million bringing the total raised to date to $30 million (Press release, Metabomed, DEC 19, 2019, View Source [SID1234553260]). The company announced that it has declared a clinical candidate for its first‐in‐class program targeting the inhibition of the AcetylCoA Short chain Synthase 2 enzyme (ACSS2) in cancers dependent on acetate metabolism.
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The financing round was led by Yonjin Venture, with the participation of all its existing investors: M Ventures, Pfizer Ventures, Pontifex Venture Fund, Boehringer Ingelheim Venture Fund and Arkin Bio Ventures. The proceeds of the round will be used to move Metabomed’s clinical candidate for its ACSS2 program towards IND approval by the end of 2020 and to strengthen its internal pipeline to further develop lead compounds for MetaboMed’s other programs that modulate targets forming synthetic lethal pairs in cancers characterized by metabolic vulnerabilities such as MTAP deficiency, NRF2 addiction and a defective TCA cycle.
Dr. Simone Botti, CEO and co‐founder of Metabomed remarked: "We are proud to add Yonjin Venture to the list of top tier investors in Metabomed and we are glad for the vote of confidence from our current shareholders. We are excited by the progress across all of our programs, but especially by the opportunity to move forward our first‐ in‐class ACSS2 inhibitors closer to the clinic. We hope to be able to show soon that our approach to targeting synthetic lethal metabolic vulnerabilities in cancer will prove itself in the clinic in pathologies like triple negative breast cancer where the current standard of care does not offer effective therapies to many patients"
Prof. David Aviezer, the company’s Chairman of the Board, added "With this financing round, Metabomed is well positioned to rapidly advance towards clinical trials with its lead compound and to further strengthen its promising pipeline".
"We are delighted to be part of Metabomed, a leader in the cancer metabolism space. We look forward to working with the company and its board of directors", commented Daguang Wang PhD, Managing Director, Yonjin Venture."