A new Houston-based biotechnology firm with ties to the Texas Medical Center is emerging from stealth mode with $38.1 million in funding.
Houston-based Sporos Bioventures LLC announced the $38.1 million Series A raise on May 6. Founded by a group of biotech executives, entrepreneurs, academic scholars and investors, Sporos aims to develop breakthrough therapies targeting cancer and immune diseases, the company said.
Also on May 6, Sporos announced the hiring of Michael Wyzga as the firm's founding CFO. Wyzga was previously CFO of Cambridge, Massachusetts-based Genzyme, which was acquired by French pharmaceutical company Sanofi for $20 billion in 2011.
Sporos is launching with four entities in its pipeline of therapies targeting cancer and other serious immune diseases. The funding from the Series A raise will go toward further developing the leading assets in Sporos' portfolio, as well as to build out the company's team.
"By strategically deploying valuable resources to young companies that would not typically be supported by top-tier seasoned talent and infrastructure, we believe that we can efficiently bring a diverse set of therapies through clinical development," Wyzga said. "I am thrilled to join a team with decades of scientific and operational expertise and look forward to guiding our strategic and financial growth."
The Sporos founding team has deep roots in the biotechnology industry in Boston, New York and Houston, the company said. Its founders include Dr. Ronald DePinho, professor of cancer biology and past president of the University of Texas M.D. Anderson Cancer Center, who chairs Sporos' Strategic Advisory Council.
Sporos said the "most advanced" company in its pipeline is Houston-based Tvardi Therapeutics Inc., which was co-founded by DePinho in 2018. The biopharmaceutical company is developing a cancer drug that acts as an inhibitor to STAT3, a signaling molecule that, when left unrestrained, can sometimes lead to the development of cancerous tumors and other inflammatory and fibrotic conditions. The three other entities in the Sporos pipeline are Asylia Therapeutics, Nirogy Therapeutics and Stellanova Therapeutics, according to the company's website.
"Sporos was founded to accelerate the development of new medicines by addressing inefficiencies and risk in the establishment of new biotech companies," said Peter Feinberg, a Sporos co-founder and board member. "By leveraging our extensive network, including the Texas Medical Center, which is the world’s largest research and medical ecosystem, we first identify transformative scientific opportunities and then deploy our top-tier talent, funding and operational support to drive these insights into a growing pipeline of first-in-class treatment options."
