Asterion Raises £355k Funding to Progress Novel Therapies for Hormone Related Diseases
Biofusion plc announced that its portfolio company Asterion Ltd, the Sheffield-based drug development company has raised £355k to progress its novel therapies for hormone-related diseases. Biofusion led the round, investing £250k. The White Rose Technology Seedcorn Fund ("WRTSF"), the venture capital fund owned by the Universities of Leeds, Sheffield and York, invested £105k. Following the investment, Biofusion's shareholding in Asterion will be 38.01%.
Asterion is developing specialised hormones (cytokines) which are implicated in a range of diseases including diabetes and cancer as well as obesity, growth and inflammatory disorders. Asterion has developed and patented a range of technologies to produce cytokine agonists, which mimic or complement the action of a target hormone, and cytokine antagonists which reduce or inhibit the hormone action. Drugs based on these technologies have the potential to lower dose requirements, increase stability and slow clearance from the bloodstream, all leading to potentially improved performance.
Asterion has established a research programme with a major multi-national pharmaceutical company to develop growth hormone antagonists and agonists. The new investment will enable Asterion's to expand its research and technologies to further target hormones. These include established pharmaceuticals such as erythropoietin as well as drug targets of the future including the obesity hormone, leptin.
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