Lorem Therapeutics, a US-based cancer-focused drug developer, was spun out of Johns Hopkins University yesterday with funding from commercialisation firm IP Group.
Financial terms of the deal have not been disclosed. Lorem will also receive support from FastForward, which is operated by the institution’s tech transfer office, Johns Hopkins Technology Ventures, and offers access to office space, services and funding opportunities.
Lorem Therapeutics will develop early-stage therapeutics for several cancer indications, with a specific focus on bridging the gap from drug discovery to Investigational New Drug status, which enables companies to ship experimental drugs across US state lines for clinical trials.
The spinout is headed by Barbara Slusher, professor of neurology (primary), medicine, psychiatry and neuroscience at Johns Hopkins School of Medicine and director of the institution’s drug discovery program, Johns Hopkins Drug Discovery.
Lorem Therapeutics is the first portfolio company at Johns Hopkins University for IP Group, after it signed a partnership agreement with the institution in 2016.
Slusher said, “I am delighted to have the support of IP Group, Johns Hopkins Technology Ventures and FastForward as we launch this exciting venture.
“IP Group’s commercial expertise and initial funding as well as FastForward’s ongoing support will play a critical role in helping us accelerate and enhance our drug discovery efforts around critical cancer indications.”
Michael Burychka, chief executive of IP Group North America, said: “We are excited to announce the first investment from our collaboration with Johns Hopkins University.
“IP Group is committed to supporting scientific discovery and is thrilled to work with Dr Slusher. We look forward to building upon our relationship with Johns Hopkins and continuing to invest in novel science being developed at the university.”
