OMass Therapeutics Announces £27.5 Million Extended Series A Financing
- Developing a pipeline of small molecule therapeutics for patients with immunological and genetic disorders - Oxford, 17 February 2020 – OMass Therapeutics (“OMass”), a biotechnology company harnessing native mass spectrometry to drive drug discovery in high definition, today announced completion of an extended Series A financing of £27.5 million from existing investors Syncona Ltd (“Syncona”) and Oxford Sciences Innovation (“OSI”) who contributed £16.6 million and £10.4 million respectively. They were joined in the round with £0.5 million from the University of Oxford. This comes after an initial Series A investment of £14 million in 2018 bringing the total series A to £41.5 million.
OMass is leveraging its world-class biophysical discovery platform to deliver high-resolution data on how a putative ligand engages with a membrane protein target, focusing on GPCRs and solute carriers. Proceeds from this financing will allow the Company to progress a pipeline of small molecule therapeutics for patients suffering from immunological and genetic disorders providing funding for two years and enabling OMass to progress its lead program into preclinical development.
“It is an exciting time in our progression as we discover, develop and ultimately commercialize novel medicines to bring life-changing benefits to patients with immunological and genetic diseases”, said Ros Deegan, Chief Executive Officer, OMass Therapeutics. “I would like to thank our investors, Syncona, OSI and the University of Oxford for their belief in the technology’s ability to deliver new biological insights and new chemical starting points for membrane targets.”
“We are pleased to continue to support OMass, a world-leader in native mass spectrometry that allows non-covalent interactions with membrane protein targets to be studied in high-definition,” said Dr Edward Hodgkin, Chairman, OMass Therapeutics and Partner at Syncona. “The Company has now initiated programs against three high impact GPCR targets with a focus on genetically defined patient populations as well as immunological dysfunction, and we look forward to OMass progressing its products towards clinical development.”
“Emerging biophysical technologies like native mass spectrometry can meaningfully improve drug discovery and impact global health outcomes,” said Lachlan Mackinnon, Principal, Oxford Sciences Innovation. “We formed OSI to turn Oxford’s world beating science into world changing companies and believe that this funding puts us in a position to take full advantage of OMass Therapeutics’ capability to identify novel drugs against membrane proteins.”
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About OMass Therapeutics
OMass is harnessing native mass spectrometry and other biophysical technologies to drive drug discovery in high definition. The company’s suite of proprietary technologies delivers superior resolution to traditional pharmacology assays enabling a clearer, more detailed picture of how a putative ligand engages a protein target assessing binding and function in parallel. The additional information obtained in the OMass assays can reveal new biology even at well-studied receptors and the cell-free system is unbiased for different ligand chemistries unmasking chemical space of high therapeutic potential inaccessible to cell-based assays. The company is building a pipeline of small molecule therapeutics to bring life-changing benefits to patients suffering from immunology and genetic disorders. OMass is backed by Syncona Ltd, Oxford Sciences Innovation and Oxford University. For further information please visit the Company’s website at: www.omass.com
Syncona is a leading FTSE250 healthcare company focused on founding, building and funding a portfolio of global leaders in life science. Our vision is to build a sustainable, diverse portfolio of 15 - 20 companies focused on delivering transformational treatments to patients in truly innovative areas of healthcare, through which we are seeking to deliver strong risk-adjusted returns for shareholders.
We seek to partner with the best, brightest and most ambitious minds in science to build globally competitive businesses. We take a long-term view, underpinned by a strategic capital base which provides us with control and flexibility over the management of our portfolio. We focus on delivering dramatic efficacy for patients in areas of high unmet need.
About Oxford Sciences Innovation
Oxford Sciences Innovation (OSI) is a £600m investment company dedicated to the deep science and technology emerging from the University of Oxford. Backed by GV, Sequoia, Temasek, Tencent and the Wellcome Trust, among several other global investors, OSI has been helping Oxford scientists and entrepreneurs build and grow businesses that address the world’s leading challenges, from infectious disease to sustainable energy since 2015.
About the University of Oxford
Oxford University has been placed number 1 in the Times Higher Education World University Rankings for the fourth year running, and at the heart of this success is our ground-breaking research and innovation.
Oxford is world-famous for research excellence and home to some of the most talented people from across the globe. Our work helps the lives of millions, solving real-world problems through a huge network of partnerships and collaborations. The breadth and interdisciplinary nature of our research sparks imaginative and inventive insights and solutions.
Through its research commercialisation arm, Oxford University Innovation, Oxford is the highest university patent filer in the UK and is ranked first in the UK for university spinouts, having created more than 170 new companies since 1988. Over a third of these companies have been created in the past three years.