New Zealand's Pathway Therapeutics has rounded up $12.5 million in venture funds to back its development work on an experimental cancer therapy. CM Capital Investments and GBS Venture Partners, both Australian VC firms, provided the money.
The company was spun off by the University of Auckland and is based on the university's research work involving the inhibition of PI3 kinase--an enzyme involved in controlling cell growth and migration. Given the early stage of development, company officials say they were impressed by the VCs' willingness to step up with a round during the preclinical stage.
- read the report from the New Zealand Herald