Signet Therapeutics today announced that it has raised over 9 million US dollars in Pre-A round financing and non-diluted funding. The funds will support Phase I clinical trials for its pioneering drug candidate, SIGX1094, and accelerate the IND application process for its second drug pipeline. The company will further enhance and refine its disease-oriented organoid models to meet a broader range of new drug development needs.
Founded in late 2020, Signet Therapeutics was founded by a team of scientists who have discovered a novel target for diffuse gastric cancer and developed SIGX1094, the world's first targeted therapy for this type of cancer using a combination of organoid disease models and AI technology. The drug has already received IND clearence from both the FDA and China's National Medical Products Administration (NMPA). It is currently undergoing Phase I clinical trials. The FDA recently granted Orphan Drug Designation for SIGX1094.
Before this, Signet Therapeutics secured around 20 million US dollars in funding from renowned venture capitals, including Tiantu Capital, 5Y Capital, XtalPi, Leaguer, Blue Ocean Capital Partners, Sky9 Capital, Yael Capital, and Green Pine Capital Partners. The company has built a comprehensive R&D system, focusing on the development of first-in-class targeted therapies to fulfill the huge unmet medical needs, by leveraging its unique organoid platform to support global pharmaceutical companies in new drug development.