PhoenixMD Secures $12 Million Seed Funding to Advance PMD-026, a First-in-Class RSK Inhibitor for Metastatic Breast Cancer

VCBeat (WeChat ID: vcbeat) has learned that on November 20, 2019, Phoenix Molecular Designs (PhoenixMD) announced the completion of its latest seed funding round. To date, the company has raised a total of $12 million in seed funding. Investors in this round included Pallasite Ventures and World Changing Ventures.

It is reported that the funds will be primarily used for clinical trials of PhoenixMD’s lead candidate, PMD-026. PMD-026 is the first RSK inhibitor developed for the treatment of triple-negative breast cancer (TNBC). Preclinical data suggest that PMD-026 may demonstrate therapeutic efficacy either as a monotherapy or in combination with conventional chemotherapy.

PhoenixMD is a privately held, clinical-stage biopharmaceutical company based in Vancouver, Canada, that designs precision cancer therapies and companion diagnostics by targeting kinases—highly druggable enzymes amenable to treating multiple oncology indications. The company is dedicated to developing first-in-class inhibitors of RSK, a key therapeutic target for cancer, cardiovascular disease, and inflammation. PhoenixMD maintains its clinical headquarters in San Diego, California, USA, and conducts preclinical operations in Vancouver, British Columbia, Canada.

Currently, the company is developing platform technology based on PMD-026 for the treatment of drug-resistant forms of cancer, such as metastatic breast cancer, particularly triple-negative breast cancer (TNBC). In the future, it has the potential to become a platform technology that sensitizes various refractory cancers to chemotherapy, hormone therapy, and immunotherapy. The Phase 1/1b clinical trial of PMD-026 is being conducted at leading medical centers across the United States, and it will evaluate the safety, tolerability, pharmacokinetics, and anti-tumor activity of PMD-026 in patients with metastatic breast cancer and their subgroups.

Leveraging its leadership in kinase inhibition, PhoenixMD has established partnerships with government entities, academic research institutions, and healthcare organizations. The company’s team has achieved remarkable results in targeted therapies for breast cancer, highlighting the progress of PMD-026 in its clinical trials. Previously, the team developed FDA-approved oral selective small-molecule inhibitors targeting CDK4/6, PARP, ER, and PIK3CA. PhoenixMD remains committed to expanding treatment options for patients with triple-negative breast cancer (TNBC).

Dr. Christopher Bissonnette, Managing Partner at Pallasite Ventures, stated, “We are honored to provide funding to the PhoenixMD team with the aim of offering better treatment options for women with breast cancer. We believe PMD-026 is a promising new approach, and we look forward to collaborating with the company’s team and other investors to advance this important product into clinical development.”

Dr. Sandra Dunn, CEO of PhoenixMD, stated, “As a company operating in a challenging disease area, we are delighted to have earned the trust of investors who are joining us in advancing novel drug development for metastatic breast cancer. Our seed funding has supported the early-stage development of our lead candidate, PMD-026, and we are pleased to initiate our Phase 1/1b clinical trial.”

Pallasite Ventures is a venture capital firm based in Chicago, Illinois, USA, dedicated to providing early-stage funding to high-growth companies across various industries.

(Compiled by Jiang Ying)