US-based biotechnology developer Monte Rosa Therapeutics picked up $96m in a series B round on Thursday backed by GV, an early-stage investment subsidiary of internet technology group Alphabet.
Aisling Capital led the round, while Versant Ventures, New Enterprise Associates (NEA), HBM Healthcare Investments, Cormorant Asset Management, Amzak Health, Casdin Capital, Sixty Degree Capital and Cambridge Asset Management also took part.
Monte Rosa Therapeutics is working on precision medicine to degrade proteins causing diseases such as cancer. The company’s approach exploits the body’s innate ability to degrade proteins and hopes its technology will be able to target proteins hitherto deemed undruggable.
The company was launched by Versant’s Discovery Engine, Ridgeline, in partnership with the University of London’s Institute of Cancer Research and Cancer Research UK.
The money will serve to drive the development of Monte Rosa’s drug discovery platform and advance multiple treatments into the clinic. Andrew Schiff of Aisling Capital and Chandra Leo of HBM will join the board of directors.
Monte Rosa emerged from stealth in May 2020 with $32.5m in series A funding from Versant Ventures and NEA. It was originally based in Switzerland but had moved its headquarters to the US by the time of the series A round.
The original version of this article appeared on our sister site, Global University Venturing.
