Biotech startup Mondego Bio has raised a Series A funding round to accelerate the development of new cancer immunotherapies, aiming to improve treatment safety and effectiveness, according to a press statement.
The company – headquartered at Portugal’s main biotech hub, Biocant – focuses on developing inhibitors of PTPN2, an enzyme that acts as a brake on the immune system.
By blocking this enzyme, Mondego Bio hopes to enhance immune signaling, a strategy that could improve the effectiveness of cancer immunotherapy regimens.
Backing from Portugal and abroad
The funding round was led by Lisbon-based Biovance Capital, with participation from U.S. healthcare investors OrbiMed and Torrey Pines Investment.
“With this round, Mondego Bio is set to strengthen Portugal’s position on the global biotech map while advancing innovation that could reshape the future of cancer immunotherapy,” the company noted in a LinkedIn post.
According to Ricardo Perdigão Henriques, Managing Partner of Biovance Capital, this financing is the first from Biovance Capital’s Fund I, which was created to support the development of transformational therapies for unmet medical needs and to attract international talent and investment to Portugal.
“We see this investment as an excellent opportunity to advance a groundbreaking innovation with the potential to reshape current immunotherapy in oncology”, said André Albergaria, co-founder and Principal at Biovance Capital.
General Partner João Incio added that the funding will help “accelerate safer, more effective treatments – and, ultimately, better outcomes for patients battling cancer.”
Torrey Pines’ first Southern Europe deal
For Torrey Pines Investment, the deal represents its first investment in Southern Europe. “With very compelling science, we are excited to back Mondego Bio’s work on PTPN2 inhibitors in immuno-oncology,” said Managing Partner Nikolay Savchuk.
OrbiMed also emphasized the value of local collaboration. “It is great to have Biovance Capital as a partner in Portugal supporting the development of this company,” said Iain Dukes, Venture Partner at OrbiMed.
Building on earlier research
Mondego Bio’s lead programs build on research initially developed at Eilean Therapeutics, an oncology platform that uses artificial intelligence and machine learning and was co-founded by OrbiMed and Torrey Pines.
Featured image: Photo by Sangharsh Lohakare on Unsplash
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