Xconomy San Diego
Melissa Fassbender November 26th, 2019
Phoenix Molecular Designs, a biotech developing kinase inhibitors to treat cancer, has brought in an undisclosed amount of financing—boosting its total seed funding raised to $12 million.
The San Diego-based biotech says the proceeds will help fund the Phase 1/1b clinical trial of its lead candidate, PMD-026, an investigational cancer drug being developed to treat an especially deadly form of breast cancer.
The trial will include a companion diagnostic developed in partnership with Roche to assess levels of activated RSK2, a kinase which the company identified as a key driver of growth in target triple-negative breast cancer (TNBC). “The goal is to provide a precision medicine solution for breast cancer patients,” Sandra Dunn, CEO of PhoenixMD, tells Xconomy.
While designed specifically to target TNBC, the company is developing PMD-026 as a platform technology to treat various resistant forms of cancer. Dunn says the company will continue expanding the platform, examining its use not only as a single agent, but in combination with hormone therapy, chemotherapy, and immunotherapy.
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