USA – Photys Therapeutics, a Boston, MA-based developer of phosphorylation-inducing chimeric small molecule medicines (PHICS), raised $75M in Series A funding.
The round was led by MPM Capital with participation from Omega Funds, Longwood, 8VC, Arkin Bio, Mass General Brigham Ventures, MRL Ventures Fund, Eli Lilly and Company, and Heritage Medical Systems. The company intends to use the funds to accelerate growth and expand operations.Founded by Longwood Fund and Dr. Amit Choudhary of Brigham and Women’s Hospital and the Broad Institute of MIT and Harvard, and led by CEO Brian Fenton and Chief Scientific Officer Edward Holson, PhD, Photys Therapeutics is advancing a proprietary new class of bifunctional medicines that direct and repair protein phosphorylation to treat a range of diseases including cancer, immune, metabolic, and rare diseases. Through induced proximity, Phosphorylation Inducing Chimeric Small Molecules (PHICS) enhance the pairing of specific kinases, the enzymes responsible for protein phosphorylation, with disease target proteins. PHICS can induce precise phosphorylation at native and/or non-native sites, modulating key functions including activation, stabilization, trafficking, localization, phospho-antigen presentation, inactivation, degradation and interactions of proteins. Dr. Lizzie Ngo, Longwood Fund Principal, acted as a co-founder alongside Dr. Choudhary, Mr. Steinberg, and Dr. Holson. Dr. Ngo and Mr. Steinberg also joined the Board of Directors along Luke Evnin, PhD, co-founder and Managing Director of MPM Capital; Alon Lazarus, PhD, Investment Manager, Arkin Bio; Briggs Morrison, MD, President, Head of R&D, and board member at Syndax Pharmaceuticals and Executive Partner at MPM Capital; and Otello Stampacchia, PhD, founder of Omega Funds.08/09/2022
