Biotech startup OMass Therapeutics has raised £10m from British Patient Capital for its drug development platform.
The University of Oxford biotech spinout is developing small molecule therapeutics for rare diseases and immunological conditions.
It uses a combination of novel biochemistry, native mass spectrometry and custom chemistry. The funding, which is an extension of its Series B, will be used for clinical development. OMass has also appointed Jim Geraghty, who sits on the boards of several US biotech firms, as its new chair.
“OMass’ native mass spectrometry-based platform has great potential, and founder Carol Robinson and CEO Ros Deegan have done great work developing highly promising programs against validated but difficult-to-drug targets,” said Geraghty.
Ros Deegan, CEO of OMass, said: “I am delighted to welcome Jim to our board – his experience in helping to build Genzyme and subsequently with pharma, venture and biotech boards will be invaluable to OMass as we grow, and I look forward to his strategic counsel.”
Today’s funding from British Patient Capital extends the biotech’s Series B to £85.5m and brings its total overall funding to £129m. Previous investors in the Series B include Syncona, Oxford Science Enterprises, GV, Northpond Ventures and Sanofi Ventures.
The latest raise comes at a time when the wider market has seen a slowdown in activity compared to the highs of 2021.
Last month, OMass Therapeutics revealed its expansion to a 16,000ft2 facility at the University of Oxford’s ARC campus.