AUM Biosciences, a Singapore-based global clinical-stage biotech firm, has closed a US $27 million Series A funding round.
Singapore-based Everlife (market access and distribution platform for analytical, medical, and lab products) and health sciences venture capital company SPRIM Global Investments led the investment.
AUM will use the funds to accelerate the clinical research and commercialization of oncology treatments, especially for malignancies with a specific genetic signature.
According to a news release, the funds raised will be utilised to jumpstart the startup’s phase II cancer drug development programmes for MNK and TRK inhibitors.
AUM is a cancer pharmaceuticals company based in Asia that was founded in 2018 by industry professionals Vishal Doshi (CEO) and Harish Dave (CMO). It focuses on drugging what are thought to be undruggable targets in cancer, as well as the necessity to delay and overcome resistance to targeted medicines.
AUM claims to have generated annual peak revenues of up to $3 billion and has aided in the development of a number of currently available cancer medicines.
The company leads a multi-modality portfolio of small molecule targeted treatments — one antibody-drug conjugate (ADC) and four biologics — by using its in-house research expertise.
AUM developed a strategic partnership with two Korean pharmaceutical companies, Handok and CMG Pharmaceutical, earlier this year. In the next two quarters, it plans to form more strategic partnerships, including one with Singaporean healthcare company MSD and Handoc.
In addition, in 2020, AUM Biosciences and Newsoara Biopharma established a 5-year transformative strategic collaboration to co-develop and co-discover next-generation cancer medicines.
The epidemic has benefited Singapore’s biotech firms, which received US$360 million in investment in the first half of 2021 alone.