Allorion Therapeutics, a company focusing on next-generation precision medicine for oncology and autoimmune disease, today announced the completion of $40M Series A financing. This financing round is led by Qiming Venture Partners and participated by IDG Capital, Octagon Capital, Firstred Capital, and Elikon Venture. Existing investors – TF Capital and Med-Fine Capital – continued to support in this round. The proceeds will be used to support Allorion’s preclinical projects, IND-enabling studies, and IND applications of two drug candidates in China and the United States. Allorion will also increase its investment in its platform technologies in the systematic screen for allosteric inhibitors and synthetic lethality targets with matching tool compounds and enhance the clinical and business development teams. The drug discovery engine of Allorion integrates technological breakthroughs in protein structure, big data, machine learning, and gene editing to systematically discover and develop highly selective small molecules, including covalent and allosteric inhibitors of well-validated targets. Allorion has also built a unique synthetic lethality screening platform to expand the scope of targeted therapies for cancer patients, laying a solid foundation for the company’s long-term success.
WCSC, Live 5 News, The Lowcountry’s News Leader – Live5News.com, 11/23/2021 19:00:00