Zurich, September 24th 2018. TOLREMO therapeutics AG (“TOLREMO”), a privately held Swiss biotech company, announced today the completion of an oversubscribed series A financing round of CHF 9.0 million (USD $9.3 million). The Swiss venture capital firm BioMedPartners led the round and was joined by the Swiss venture capital firms Redalpine and Altos Venture, as well as TOLREMO’s existing shareholders including the Swiss bank Zürcher Kantonalbank and several experienced biotech investors. The capital increase will allow the ETH Spin-off to further advance two major drug development programs to prevent drug resistance in cancer therapies.
TOLREMO also announced the strengthening of its Board of Directors by Dr. Erich Greiner, an advisor to several public and private funds in the US and Europe and CEO/founder of Cedrus Therapeutics; and Prof. em. Thomas Cerny, former head physician for oncology and haematology at the Cantonal Hospital of St. Gallen and acting president of national foundation for Cancer Research in Switzerland. Dr. Andreas Wallnöfer, former Head of Clinical Research & Exploratory Development at Roche Pharma and General Partner at BioMedPartners will join the Board to represent the lead investor.
“We are thrilled about the great interest our financing round has received from the private and professional investor community. We greatly appreciate the continued support of our shareholders and we are excited to have attracted internationally renowned investment firms like BioMedPartners, Redalpine, and Altos Venture,” commented Dr. Stefanie Flückiger-Mangual, CEO and co-founder of TOLREMO. “Together with the addition of world-leading industry experts to our board of directors, this validates the growing interest in the unique drug resistance platform we have built. We aim to use our resistance-breaking molecules to make the therapeutic response to existing cancer drugs more durable. The additional funding will allow us to further accelerate our pioneering work in this field and to rapidly achieve key milestones in our preclinical development programs.”
Dr. Andreas Wallnöfer, General Partner at BioMedPartners added: “This is an exciting time to become involved with TOLREMO. The company’s add-on therapies could introduce a paradigm change in cancer therapy by allowing to address drug resistance proactively before it can genetically develop. The innovative and distinguished scientific foundation paired with the strong ETH spin-off team made this an attractive investment for BioMedPartners. We have been following TOLREMO since last year, and after a thorough due diligence we were impressed by the progress the company has made in this short time. We are excited to bring our management and industry expertise into an already very experienced board of directors.”