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Tolremo Therapeutics AG. (9/24/18). "Press Release: Tolremo Raises CHF 9 Million Series A Financing Round and Strengthens Board of Directors with Industry Experts". Zurich.

Organisations Organisation Tolremo Therapeutics AG
  Organisation 2 BioMedPartners AG
  Group BioMedPartners (Group)
Products Product cancer drug
  Product 2 venture capital
Index term Index term Tolremo Therapeutics–SEVERAL: investment, 201809 financing round Series A CHF9m led by BioMedPartners
Persons Person Greiner, Erich (Cedrus Therapeutics 201704 before Evotec 200604)
  Person 2 Wallnöfer, Andreas (BioMedPartners 201702 – Partner befire Roche Head of Clinical Research + Exploratory Developm)
     


TOLREMO therapeutics AG (“TOLREMO”), a privately held Swiss biotech company, announced today the completion of an oversubscribed series A financing round of CHF 9.0 million (USD $9.3 million). The Swiss venture capital firm BioMedPartners led the round and was joined by the Swiss venture capital firms Redalpine and Altos Venture, as well as TOLREMO’s existing shareholders including the Swiss bank Zürcher Kantonalbank and several experienced biotech investors. The capital increase will allow the ETH Spin-off to further advance two major drug development programs to prevent drug resistance in cancer therapies.

The capital increase follows a successful fundraising of CHF 2.4 million one year ago, which was used to validate the company’s proprietary drug resistance screening platform, license additional IP, initiate a second R&D program, and identify first resistance-breaking lead compounds.

TOLREMO also announced the strengthening of its Board of Directors by Dr. Erich Greiner, an advisor to several public and private funds in the US and Europe and CEO/founder of Cedrus Therapeutics; and Prof. em. Thomas Cerny, former head physician for oncology and haematology at the Cantonal Hospital of St. Gallen and acting president of national foundation for Cancer Research in Switzerland. Dr. Andreas Wallnöfer, former Head of Clinical Research & Exploratory Development at Roche Pharma and General Partner at BioMedPartners will join the Board to represent the lead investor.

“We are thrilled about the great interest our financing round has received from the private and professional investor community. We greatly appreciate the continued support of our shareholders and we are excited to have attracted internationally renowned investment firms like BioMedPartners, Redalpine, and Altos Venture,” commented Dr. Stefanie Flückiger-Mangual, CEO and co-founder of TOLREMO. “Together with the addition of world-leading industry experts to our board of directors, this validates the growing interest in the unique drug resistance platform we have built. We aim to use our resistance-breaking molecules to make the therapeutic response to existing cancer drugs more durable. The additional funding will allow us to further accelerate our pioneering work in this field and to rapidly achieve key milestones in our preclinical development programs.”

Dr. Andreas Wallnöfer, General Partner at BioMedPartners added: “This is an exciting time to become involved with TOLREMO. The company’s add-on therapies could introduce a paradigm change in cancer therapy by allowing to address drug resistance proactively before it can genetically develop. The innovative and distinguished scientific foundation paired with the strong ETH spin-off team made this an attractive investment for BioMedPartners. We have been following TOLREMO since last year, and after a thorough due diligence we were impressed by the progress the company has made in this short time. We are excited to bring our management and industry expertise into an already very experienced board of directors.”


TOLREMO’s Board of Directors:

Dr. Isaac Kobrin: co-founder and Chairman of the board. Former international group leader at Roche responsible for the worldwide clinical development of key cardiovascular compounds from Phase I to market approval. In his last position, Head of Clinical Development and Chief Medical Officer of Actelion Pharmaceuticals Ltd.

Dr. Stefanie Flückiger-Mangual: co-founder, CEO and board member. PhD from ETH Zurich in Molecular and Translational Biomedicine. Led the team of scientists who discovered novel drug resistance mechanisms in cancer.

Prof. Dr. Karl-Heinz Altmann: co-founder & board member. ETH Full Professor of Pharmaceutical Sciences. After 13 years of experience in Pharma industry, he was last acting as Global Head of Chemistry at Novartis Institutes for BioMedical Research (NIBR).

Dr. Erich Greiner: board member. Advisor to several US and European public and private funds, CEO & founder of Cedrus Therapeutics Inc., before he held various senior positions within Evotec, in his last role as Chief Innovation Officer and Member of the Management Team of Evotec.

Prof. em. Thomas Cerny: board member. Former head physician for Oncology and Haematology at the Cantonal Hospital of St. Gallen. He is acting president of the national foundation for Cancer Research in Switzerland and board member of the Human Medicine Expert Committee (HMEC) of Swissmedic.

Dr. Andreas Wallnöfer: board member. General Partner at BioMedPartners. Former Head of Roche Clinical Research & Exploratory Development and then Head of Early Development; Member of the Global R&D Leaders Team for more than 12 years at F. Hoffmann-La Roche Ltd.


For further details, please contact:

Dr. Stefanie Flückiger-Mangual, CEO and co-founder
stefanie.flueckiger@tolremo.com


About TOLREMO

TOLREMO therapeutics AG (“TOLREMO”) is a Swiss biotechnology company that was spun out of ETH Zurich in 2017. Based on cutting-edge science and guided by pioneering real-world medicine, TOLREMO created a broad cancer drug resistance platform that provides a unique entry point into a major clinical problem. In two parallel R&D programs the company develops resistance-breaking add-on therapies that extend the therapeutic benefit of oncogene-targeting cancer drugs (Adaptive Drug Resistance Program) and anti-angiogenic cancer drugs (Hypoxia-Driven Drug Resistance Program). TOLREMO’s unique drug resistance platform has the potential to catalyze a new wave of potent resistance-breaking molecules that will meaningfully extend the lives of patients suffering from cancer. To learn
more, visit www.tolremo.com.


About BioMedPartners

Based in Basel, BioMedPartners is a leading, independent European venture capital firm that acts frequently as lead- or co-lead investor providing private equity to early- to mid-stage life sciences companies. Since 2002, BioMedPartners has invested in several highly innovative companies of which 20 have already either successfully been acquired by leading biopharma companies or have completed an IPO.

With more than CHF 350 million in capital under management and a strong team of experienced industry experts as well as an extensive scientific network, BioMedPartners has established itself as one of the leading early-stage human healthcare investors in Europe. In February 2017 the company announced the first closing of BioMedInvest III, their third equity venture capital fund, with the final closing in February 2018 at CHF 100 million.


TOLREMO therapeutics AG
c/o ETH Zurich
Molecular Health Sciences
HPL H16.2
Otto-Stern-Weg 7
8093 Zurich
Switzerland
www.tolremo.com

   
Record changed: 2018-09-28

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