SAN DIEGO: Alterome Therapeutics, Inc., a trailblazer in the biopharmaceutical industry, has successfully completed a Series B financing round, raising a substantial $132 million. This funding marks a pivotal step for the company as it aims to transition multiple innovative cancer treatments from the laboratory to clinical trials.

“We are pleased with a financing of this magnitude that enables Alterome to advance multiple programs into the clinic within the next 12 months,” said Eric Murphy, Ph.D., co-founder and CEO of Alterome Therapeutics.

“The precision oncology field has arrived at a special moment with the exciting evolution of both drug discovery and precision medicine. A unique integration of structure-guided drug discovery with deep translational biology is facilitating the development of novel therapies that address previously inaccessible proteins.

We are thrilled to have the support of this visionary group of new and existing investors, who share our enthusiasm to face the challenge of targeting well-known cancer-causing mutations deemed undruggable for the previous 20 years.”

The investment round was spearheaded by Goldman Sachs Alternatives and saw contributions from a consortium of backers including Canaan Partners, Invus, Driehaus Capital Management, Digitalis Ventures, Blue Owl Capital, and a group of returning investors such as Orbimed, Nextech Invest, Vida Ventures, Boxer Capital, and Colt Ventures.

In conjunction with the financial closure, Alterome has welcomed two new members to its Board of Directors: Josh Richardson, M.D., from Goldman Sachs Alternatives, and Uwe Schoenbeck from Canaan Partners, both bringing valuable expertise to the company’s strategic direction.

At the heart of Alterome’s innovative approach is its proprietary Kraken platform, which employs a structure-guided machine learning technique to expedite the drug discovery process.

The company’s mission is to develop precision therapies that selectively target cancer mutations and isoforms, thereby attacking cancer cells while minimizing harm to healthy cells.

Currently, Alterome’s preclinical pipeline includes a covalent AKT1 E17K mutation-selective inhibitor and a KRAS isoform-selective inhibitor, which together target the majority of KRAS mutations, including the prevalent G12V and G12D variants.

These leading programs are tailored for patients who have few available treatment options and are slated to enter clinical trials within the next year.

With a seasoned team of precision oncology R&D veterans at the helm, Alterome Therapeutics is poised to make significant strides in the development of targeted therapeutics for high-impact oncogenic drivers, potentially revolutionizing the treatment landscape for cancer patients worldwide.

“Alterome is advancing an exciting portfolio of therapies targeting validated oncogenic drivers, with clear paths to early clinical signals,” said Dr. Josh Richardson, Managing Director within Life Sciences Investing at Goldman Sachs Alternatives.

“Goldman Sachs is excited to join this exceptional group of investors to support the company in delivering a new class of precision oncology drugs that enable cancer patients to live longer and better lives.”

H2U raises over $10 million in Series B funding, aims to become Asia’s digital health unicorn

BlueNalu Inc. raises US$ 33.5 million in a Series B Financing