Allorion gains $40 million funding to enhance and discover precision targets
pharmafile | November 26, 2021 | News story | Medical Communications |
Allorion Therapeutics has announced that they have gained $40 million in Series A financing.
The funding was led by Chinese VC Qiming Venture Partners, and helped by participation from IDG Capital, Octagon Capital, Firstred Capital, and Elikon Venture.
With headquarters in Natick, Massachusetts, and Guangzhou, China, Allorion’s drug discovery engine combines advances in protein structure, big data, machine learning, and gene editing to discover and develop highly selective small molecules.
The precision medicine company is developing mutant selective and isoform-specific drugs in unconventional ways, for targets in the oncology and autoimmune spaces, with the aim to enhance efficacy and prevent resistance. Along with existing targets, Allorion’s proprietary technology systemically screens for synthetic lethality targets and allosteric inhibitors.
Regarding news of the investment, founder and CEO Peter Ding commented: “Over the past year, Allorion has built up R&D capabilities in Boston and Guangzhou and formed a strong management and R&D team. Multiple projects achieved their milestones. We are grateful to all the investors for their trust and support. Allorion will leverage cutting-edge technologies and strive to make precision medicine more precise and accessible to more patients.”
Qiming principal, Chen Kan, added: “There are huge unmet medical needs for autoimmune disease and cancer therapy globally. Based on data mining and an in-depth understanding of disease biology, Allorion focuses on the early discovery and development of precision medicines. We have confidence in the team’s strong R&D capabilities. We hope to support Allorion to grow into a globally-recognized company and improve patients’ life quality.”
Allorion plans to use the new funding to advance preclinical projects such as Investigational New Drug (IND)-enabling studies, and to support the IND applications for two drug candidates.
Lina Adams
