Avelos Therapeutics Secures Significant Funding to Advance Cancer Drug Development
May 31, 2024, 3:37 pm
Avelos Therapeutics, a pioneering company at the forefront of anti-cancer drug innovation, recently concluded a highly successful Series B funding round, raising an impressive total of KRW 30 billion. This substantial investment, spearheaded by Stassets Investment, signifies a major milestone for Avelos as it propels forward in its mission to develop small molecule synthetic drugs targeting critical areas such as synthetic lethality, DNA damage response, and cell cycle regulation.
One of the key highlights of Avelos' research and development efforts is the groundbreaking AD1208 drug, a first-in-class MASTL kinase inhibitor that has shown remarkable potential in preclinical studies. This innovative drug holds promise in treating a range of cancers, including colon cancer, stomach cancer, breast cancer, ovarian cancer, and prostate cancer. With its demonstrated efficacy in selectively targeting cancer cells, AD1208 represents a significant advancement in the field of oncology.
The successful completion of the Series B funding round underscores the market's confidence in Avelos' expertise, capabilities, and growth potential. CEO Young Whan Park expressed his optimism about the company's future, emphasizing the global competitiveness of their treatments and their commitment to challenging development timelines. With this substantial investment, Avelos aims to cultivate a new generation of globally competitive anti-cancer drugs and establish itself as a leading biotech firm specializing in cutting-edge synthetic lethality research.
In addition to the development of AD1208, Avelos has three other promising projects in its pipeline, focusing on targets within the DNA damage response field. The AVS1002 project, in particular, aims to identify a development candidate by the end of the year to address patients with homologous recombination deficiency (HRD) in the DNA damage response. By targeting this specific area, Avelos seeks to provide effective treatment options for patients resistant to current drugs, such as PARP inhibitors, or those with HRD that existing treatments cannot adequately address.
Looking ahead, Avelos plans to forge collaborations with Korean research partners and facilitate global technology transfer in 2025. The company also has ambitions to list on the KOSDAQ stock market following the acquisition of two additional clinical-stage substances. Co-CEO Soongyu Choi, Ph.D., highlighted the company's commitment to designing innovative solutions that increase the likelihood of success in novel drug development, underscoring Avelos' dedication to pushing the boundaries of cancer treatment.
For more information about Avelos Therapeutics and its groundbreaking research initiatives, visit their official website at avelostx.com. Avelos Therapeutics, founded in 2021, is led by a team of seasoned experts in pre-clinical and clinical drug development, including CEO Young-Whan Park and Co-CEO Soongyu Choi.
One of the key highlights of Avelos' research and development efforts is the groundbreaking AD1208 drug, a first-in-class MASTL kinase inhibitor that has shown remarkable potential in preclinical studies. This innovative drug holds promise in treating a range of cancers, including colon cancer, stomach cancer, breast cancer, ovarian cancer, and prostate cancer. With its demonstrated efficacy in selectively targeting cancer cells, AD1208 represents a significant advancement in the field of oncology.
The successful completion of the Series B funding round underscores the market's confidence in Avelos' expertise, capabilities, and growth potential. CEO Young Whan Park expressed his optimism about the company's future, emphasizing the global competitiveness of their treatments and their commitment to challenging development timelines. With this substantial investment, Avelos aims to cultivate a new generation of globally competitive anti-cancer drugs and establish itself as a leading biotech firm specializing in cutting-edge synthetic lethality research.
In addition to the development of AD1208, Avelos has three other promising projects in its pipeline, focusing on targets within the DNA damage response field. The AVS1002 project, in particular, aims to identify a development candidate by the end of the year to address patients with homologous recombination deficiency (HRD) in the DNA damage response. By targeting this specific area, Avelos seeks to provide effective treatment options for patients resistant to current drugs, such as PARP inhibitors, or those with HRD that existing treatments cannot adequately address.
Looking ahead, Avelos plans to forge collaborations with Korean research partners and facilitate global technology transfer in 2025. The company also has ambitions to list on the KOSDAQ stock market following the acquisition of two additional clinical-stage substances. Co-CEO Soongyu Choi, Ph.D., highlighted the company's commitment to designing innovative solutions that increase the likelihood of success in novel drug development, underscoring Avelos' dedication to pushing the boundaries of cancer treatment.
For more information about Avelos Therapeutics and its groundbreaking research initiatives, visit their official website at avelostx.com. Avelos Therapeutics, founded in 2021, is led by a team of seasoned experts in pre-clinical and clinical drug development, including CEO Young-Whan Park and Co-CEO Soongyu Choi.