Tolremo raises additional funding
The Muttenz-based biotechnology company Tolremo Therapeutics has raised an additional 4.7 million Swiss francs as part of a financing round. The company develops cancer therapies for precision medicine and is now driving forward clinical development.
Having raised an additional 4.7 million Swiss francs, Tolremo Therapeutics has now received a total of 13.7 million Swiss francs from a Series A financing round, as detailed in a press release. In addition to the venture capitalists BioMedPartners AG and Altos Venture AG, existing investors such as the Cantonal Bank of Zurich (ZKB) and Redalpine Venture Partners AG have now decided to get involved.
Tolremo develops cancer therapies for precision medicine with the aim of preventing resistances. The successful financing round should now see the first product candidate for clinical development advanced further. Moreover, the development program of the Basel-based company is also set to be expanded.
Resistance against cancer drugs continues to be a major hurdle in achieving long-term patient benefit, explains Stefanie Flückiger-Mangual, Co-Founder and CEO of Tolremo, in the press release. The additional funding will bring the development of resistance-preventing precision therapies for cancer patients one step closer.
Tolremo will also be strengthening its management team. In this context, Reinhard Ambros, the former Global Head of the Novartis Venture Fund, has been named Chairman of the Board. In addition, Guido Hartmann, former Head of Pharmacology at Therachon AG, will join the company in the role of COO/Head Translational Sciences.
Tolremo Therapeutics was also supported by BaseLaunch, which is the Basel Area-based incubator and accelerator that helps scientists and entrepreneurs launch exceptional biotech companies. BaseLaunch is operationally run and financed by Basel Area Business & Innovation, the investment and innovation promotion agency of the Basel Area.