Germany-based cancer-focused biotechnology developer Breakpoint Therapeutics was spun out of drug discovery company Evotec yesterday with a €30m ($35m) series A round backed by the corporate.
Taiho Ventures, the corporate venturing arm of pharmaceutical firm Taiho Pharmaceutical, also contributed to the round, which was led by investment firm Medicxi. Evotec will own less than 50% in the company, though a precise stake was not disclosed.
Breakpoint Therapeutics will work to commercialise Evotec’s DNA damage response (DDR) portfolio, which consists of discovery-stage assets and drug targets thought to have an application in the treatment of multiple types of cancer.
DDR enables cells to detect and respond to damage affecting their DNA. Most therapies, including radiation and chemotherapy, aim to cause cancer cell death but many cells are able to resist this, so modulating DDR capabilities is seen as a promising treatment option.
The spinout will initially focus on programs targeted at patients with a high unmet medical need. It hopes to deliver a first drug candidate for an Investigational New Drug filing in 2022.
Daniel Speidel, managing director of Breakpoint Therapeutics, said: “We are delighted that the support of Medicxi, Taiho Ventures and Evotec has enabled us to form Breakpoint Therapeutics.
“Drugs that modulate DNA damage responses hold great promise for many cancer patients that do not respond to currently existing treatments and are indeed among the most exciting new approaches to improve the success of cancer therapy.
“Given that so many people still die of cancer, it is absolutely vital that we turn relevant scientific concepts into new effective drugs. This is what Breakpoint Therapeutics is all about.”
