Aten Porus raises pre-series round lead by JITO Angel Network
IMT News Desk
The funding will help advance Avammune’s highly diversified pipeline of best-in-class and first-in-class assets for oncology and autoimmune disorders
Avammune Therapeutics (a spin-off from Aten Porus Lifesciences) secures a round of financing for completion of IND enabling studies for their Immuno-oncology asset. This funding will help advance Avammune’s highly diversified pipeline of best-in-class and first-in-class assets for oncology and autoimmune disorders.
“We are developing a novel class of drugs that harnesses the body’s first line of defence against pathogens to combat cancer,” said Dr Aditya Kulkarni, Chief Scientific Officer, Avammune. “These highly effective drugs can potentially overcome the resistance to current drugs and due to their chemical nature can be taken by the patient as oral tablets and can be far more affordable than biological drugs,” he added.
“The need for dedicated funding in the public health, therapeutic, preventive and curative medicine segment is underscored time and again by people, government and companies. Given that the antibodies market will grow by 20x in the upcoming decade, it just shows that companies like Avammune will only scale up. By helping them raise funds they can boost their R&D, innovate and focus on the development of drugs especially for treating cancers and autoimmune diseases,” affirmed Pooja Mehta, CIO, JITO Angel Network.
Speaking on the funding Arun B Papaiah, CEO, Avammune said, “Avammune’s technology platform has been validated in various animal models and is gearing up for safety studies. With the influx of funding, we are hoping to complete these safety studies and are gearing up for partnerships for entering clinical testing next year. This latest round of funding will also allow us to further strengthen our diversified pipeline of drugs for cancers and autoimmune diseases. It is a pleasure working with JITO Angel Network who join existing and other new investors and are excited to bring them on board as partners."
To date, JITO Angel Network has helped raise over Rs 100+ cr for over 55 companies in India.
