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Sporos Bioventures made its launch official with the close of a $38.1 million Series A financing.
FREMONT, CA: Sporos Bioventures, LLC (the Company or Sporos) made its launch official with the close of a $38.1 million Series A financing. The organization was formed by a group of biotech executives, entrepreneurs, academic scholars, and investors to catalyze the fast and effective development of innovative therapies targeting unique disease mechanisms in cancer and immune diseases. Sporos seeks to bring new hope to patients in a more effective and impactful manner by leveraging its extensive array of industry leaders, strategic resources, and operational expertise. In addition to Series A, Michael Wyzga, M.B.A., former Genzyme CFO, joins the team as Founding CFO.
"Sporos was founded to accelerate the development of new medicines by addressing inefficiencies and risk in the establishment of new biotech companies," said Peter Feinberg, Sporos co-founder and member of the board of directors. "By leveraging our extensive network, including the Texas Medical Center, which is the world's largest research and medical ecosystem, we first identify transformative scientific opportunities and then deploy our top-tier talent, funding and operational support to drive these insights into a growing pipeline of first-in-class treatment options."
Sporos begins with four entities, each based on truly novel mechanisms governing cancer and immune disease. The organization intends to use the Series A proceeds to support the development of lead assets across the Sporos portfolio and expand the Sporos team.
Tvardi, Sporos' most advanced company, is working on small molecule inhibitors of STAT3, a major regulatory protein involved in cancer cell survival and immune evasion, and the pathogenesis of several inflammatory and fibrotic diseases. TTI-101, Tvardis' lead asset in cancer, has been shown in initial clinical studies to be well accepted and to have clinical activity across a wide range of tumours, such as multiple durable responses.
"By strategically deploying valuable resources to young companies that would not typically be supported by top-tier seasoned talent and infrastructure, we believe that we can efficiently bring a diverse set of therapies through clinical development," said Mr Wyzga. "I am thrilled to join a team with decades of scientific and operational expertise and look forward to guiding our strategic and financial growth."