Biotech startup AUM Biosciences announced on Tuesday it has raised $27 million (around Rs 200 crore) in a Series A funding round from Singapore-based private equity fund Everlife and SPRIM Global Investments (SGI), a health science-focused investment firm.
The company said the funding will accelerate pipeline expansion and business growth. AUM plans to use the proceeds to advance the clinical development of its portfolio with the immediate initiation of two PhasePhase II programs for MNK and TRK inhibitors.
“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,” Harish Dave, CMO and co-founder, AUM, said.
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.
AUM Biosciences focuses on discovering and developing novel targeted oncology therapies, particularly for cancers with a clear genetic marker.
Everstone had launched Everlife in late 2017. The healthcare platform had made its debut bet by backing Malaysian medical products distributor Chemopharm Sdn Bhd.
Everstone, which was founded in 2006, has about $6 billion in assets under management in private equity and real estate investments.
The firm has offices in Singapore, Mumbai, Delhi, Bengaluru, Mauritius, New York, and London.
Last year, biotechnology startups attracted angel and venture funding.
In September 2020, VCCircle reported Chennai-based Seragen Biotherapeutics Pvt Ltd pulled in angel funding from a bunch of individual investors.
Biotechnology startup Shilps Sciences Pvt Ltd raised pre-Series A funding round led by investment crowdfunding platform AngelList.