Pfizer Inc. (NYSE:PFE) Will Be Part Of Mission Therapeutics
The $207 billion market capped Pfizer Inc. (NYSE:PFE) has been the latest big capped drug major which has part financed the latest round of funding sought by new and upcoming bio tech firm Mission Therapeutics. This U.K based development stage drug company announced yesterday that it has successfully completed the Series B round of funding and raised an impressive $32 million from institutional investors.
Pfizer Inc. (NYSE:PFE) is the latest bio tech investor in this fledging company which is involved in developing “novel inhibitors of deubiquitylating enzymes (DUBs) involved in the DNA damage response” and joins existing investors like “S.R.One (GlaxoSmithKline) and Roche Venture Fund” who have bet on the positive prospects for the drug firm.
Pfizer’s Take On The Investment
Commenting on the fact that this development stage drug designer has managed to attract investments from three out of the top five global pharma giants, Elaine Jones who heads the Venture capital division of Pfizer Inc. (NYSE:PFE) has been quoted as saying, “Pfizer Venture Investments are delighted to be participating in the further capitalization of MISSION. The Company has identified and validated a number of novel targets in a major enzyme class involved in many pathological processes, which has the potential to deliver novel therapeutics for difficult, unmet cancers, as well as for a range of other diseases.”
Michael Moore who is the titular head for Mission in his role of executive chairman has thanked all the investors for reaffirming fait in his firm. He has indicated that the new investments are likely to greatly increase the capability of the firm to approach its stated goals with renewed focus. The new funds are to be employed in bringing in new management who are expected to help the company quicken its development cycles and bring its target compounds in front of FDA earlier than expected.