October 12, 2021
AUM Biosciences announces closing of $27 million in a “Series A” Round of funding to advance its clinical stage pipeline of precision and targeted cancer therapies
By Philippe Mendiharat
October 12, 2021
By Philippe Mendiharat
SINGAPORE and NEW YORK, October 12, 2021 – AUM Biosciences (AUM) today announced the successful completion of $27 million series A funding round. This will fuel AUM’s vision of developing a world class biotech pipeline focused on drugging what many consider as the undruggable targets, as well as addressing the need to delay and overcome resistance to targeted drugs in oncology. The funding will also accelerate pipeline expansion and business growth. This round was led by private equity funds including Singapore-based Everlife and globally focused health sciences investment firm SPRIM Global investments (SGI).
Through its robust strategic collaborations with leading academic institutions, pharmaceutical and biotech companies globally, AUM is now leading an ecosystem of multi-modality line up of small molecule targeted therapies, including in-house research programs. AUM plans to use the proceeds to advance the clinical development of its portfolio with immediate initiation of two Phase II programs for MNK and TRK inhibitors.
Talking about the impetus Vishal Doshi, CEO and co-founder, AUM Biosciences said, “We are excited about the next phase of growth and value creation. Our blue-chip founders and leaders are proud to have the confidence of and support from Everlife and SPRIM Global Investments. These proven investors share our enthusiasm for developing new therapies for patients who have high unmet needs.”
Harish Dave, CMO and co-founder, AUM Biosciences who is gearing up to lead the next phase of this growth journey, expressed, “We are thrilled to see our vision taking root, and the strong support from Everlife and SPRIM Global Investments will certainly accelerate our innovation plans, globally. The synergy in our vision to support the cancer patients with better targeted therapies, has laid the foundation of this association and investment.”
Earlier this year, AUM had entered into a strategic collaboration agreement with Handok Inc and CMG Pharmaceutical Co. Ltd. Additionally, AUM Biosciences and Newsoara Biopharma also announced a 5-year transformational strategic partnership in 2020 to co-develop and co-discover next-generation cancer therapeutics (enterprise value of up to USD 135M).
Dr. Arjun Oberoi, Executive Chairman, Everlife said, “We are deeply impressed by AUM’s leadership team and believe that AUM’s unique portfolio holds great promise to address multiple unmet needs in the field of oncology. Everlife has a strong inclination in expanding its presence in the cancer diagnostic arena. This collaboration will help position us more strongly in the overall oncology ecosystem and grants us immediate access to AUM’s network of research laboratories and those of its partners in Southeast Asia”.
AUM Biosciences is a global clinical stage biotech company, focused on discovering and developing novel targeted oncology therapies, particularly for cancers with a clear genetic marker. The management team has an extensive track record of selecting distinctive early-stage assets, successfully exiting virtual biotech models, and have contributed significantly to the development of several currently marketed oncology treatments with annual peak sales up to $3B. AUM was founded to enable a holistic strategy for drug development and improving the probability of success with a focus on synergism, sustainability, and scalability. To know more, visit www.aumbiosciences.com
Everlife is the leading market access and distribution platform for clinical diagnostics and life sciences in South Asia. By combining its expertise in healthcare and on-the-ground presence with a passionate and results-driven approach to business, it aims to improve health outcomes for patients and improve business performance for customers and principals. Everlife companies represent over 200 principals and a team of 1000 employees that operate across 7 countries. To learn more, visit www.everlifeasia.com
SPRIM Global Investments (SGI) is a leading health sciences venture capital firm with deep industry expertise and decades of operating experience across 17 countries. SGI invests in biotechnology, digital health and R&D service companies to commercialize the newest technologies and accelerate innovations that are the future of health around the world. For more information, visit: https://www.sprim.com/ventures/