The Parkwalk-managed co-investment fund has supplied Cambridge cancer therapy spinout PolyProx Therapeutics with capital, augmenting a $4.4m seed round for the latter announced earlier this month.
PolyProx Therapeutics, a UK-based cancer therapy spinout of University of Cambridge, received an undisclosed amount of capital on Thursday from the university’s co-investment affiliate University of Cambridge Enterprise Fund IV (UCEF IV).
UCEF IV is managed on the university’s behalf by Parkwalk Advisors, the fund management arm of commercialisation firm IP Group.
Founded in November 2018, PolyProx Therapeutics is working on drugs for cancer and neurodegenerative diseases underpinned by a class of molecules that selectively target disease-activating proteins and exploit cellular pathways for their degradation and removal.
UCEF IV’s investment follows a $4.4m seed round for PolyProx Therapeutics earlier this month co-led by the university’s Cambridge Enterprise tech transfer office and affiliate investment fund Cambridge Innovation Capital with participation from RT Capital.
The seed cash is anticipated to sustain PolyProx’s operations for the next two years, allowing it to recruit new team members and validate its therapeutic concept in multiple tumour subtypes.
