Emerging from stealth mode, Zug based Laevoroc Oncology has completed the seed round, raising over USD 1.1 million from private and individual investors. The company has also announced the acquisition of worldwide patents for an oral prodrug form of gemcitabine, one of the most important chemotherapy agents worldwide.
Laevoroc Oncology, a privately held oncology development group of companies, is pursuing an asset-centric business model, with three subsidiaries, each containing a major oncology asset, collectively building a pipeline that spans breakthrough innovation through to re-imagining approved therapies: Laevoroc Chemotherapy, which is progressing LR 06 (a patented oral gemcitabine prodrug for maintenance therapy in pancreatic, ovarian and breast cancers); Laevoroc Immunology, which is progressing LR09 (for treating relapse of leukemia following bone marrow transplantation) and a third subsidiary, which will be the core of the company and within which Laevoroc is building a pipeline of innovative drugs addressing brain cancers, including LR02, a first in class central nervous system ATR inhibitor.
"With our asset-focused approach, we can concentrate our resources and tailored investments to bring game-changing therapies to patients living with cancer. Our innovations include delivering cancer therapies that provide a low healthcare system burden, and a low patient burden, as well as breaking down the barriers to beating brain cancer," said Laevoroc's co-founder and CSO, Davide Guggi.
Two years following its foundation, the company (formerly known as TNT-Medical Corporation AG) founded by Thomas Mehrling and Davide Guggi, who have over 40 years combined experience in oncology and the pharma industry, the company has raised over USD 1.1 million in seed finance. This announcement comes with the establishment of the company from stealth mode and the acquisition of worldwide patents (excluding China) to oral gemcitabine prodrug. The company is now actively raising Series A financing for each of its subsidiaries.
Laevoroc's co-founder and CEO, Thomas Mehrling said, "This is the start of our journey to leverage leading-edge technologies, our oncology expertise and extensive R&D and commercial experience, to approach innovation in cancer therapeutics in a way that combines the pragmatic with the visionary."
(Press release / RAN)
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