UK-based drug discovery AdoRx Therapeutics has raised $10 million to fund its work on identifying new cancer therapeutics, in an investment round financed by Epidarex Capital and CRT Pioneer Fund.
AdoRx was founded in 2017 by healthcare investor Epidarex Capital, and has since assembled a group of pharma industry veterans led by Pete Finan, former head of the Novartis Institutes of BioMedical Research UK site.
The company is focusing its efforts on the discovery of new modulators of the adenosine pathway for the treatment of cancer.
“High levels of adenosine in the tumour enable cancer cells to evade the immune system,” said AdoRx’ chief executive Finan. “We have assembled a team that has discovered in excess of 25 clinical candidates to address this drug discovery challenge.”
The firm is pursuing “fit-for-purpose adenosine receptor antagonists that are specifically designed to overcome a high adenosine environment,” he added.
“There is an unmet need for cancer therapies that achieve a durable response. This financing enables AdoRx to accelerate its programs and generate fit-for-purpose therapies targeting the adenosine pathway,” noted Liz Roper, partner at Epidarex Capital.