Therascope raises €24m for drug discovery
small molecule drug discovery, has raised €24.1 million to develop
its TACE platform.
Germany's Therascope, a privately held biopharmaceutical company focused on small molecule drug discovery, has raised €24.1 million in a second funding round led by Oxford Bioscience Partners.
The proceeds will be used to develop the company's TACE (Target Amplified drug Candidate Evolution) technology, which combines the synthesis of new chemical entities, and the identification of those that bind to a drug target, into a single step.Therascope claims this "accelerates the process of small molecule drug discovery while minimising the production and handling of inactive compounds."
" The one-step process and the technology's ability to interact with a biological target cuts down on the number of inactive compounds and therefore yields more viable drug candidates," commented Oxford Bioscience Partners' Michael Lytton.
The company has also revealed that it intends to change its name to Alantos Pharmaceuticals in August.
