Apollo Therapeutics has secured $33.5m in a second round of Series C funding to advance its pipeline programmes.

The latest financing takes the total funds raised in 2023 to $260m.

Healthcare investment company Patient Square Capital spearheaded the funding round, with new investors, including M&G, and two public pension plans in the US taking part.

The second round of Series C funding also saw contributions from current investor Rock Springs Capital.

Apollo plans to utilise the latest funds to progress the development of its pipeline programmes to the clinic, as well as to support its drug discovery and development works. These works are based on breakthroughs in basic medical research at its partner organisations.

The funds will be allocated to license or acquire more clinical-stage programmes that align with the strict selection criteria of Apollo.

Apollo Therapeutics CEO Dr Richard Mason stated: “We are delighted to have completed the second close of our Series C financing in December and thank existing investors for their additional support, as well as welcoming new shareholders to the company. 

“We are progressing a broad and diversified pipeline of over 20 uncorrelated therapeutic programmes, with multiple assets about to enter the clinic in early 2024. We look forward to an exciting year ahead.”

The company focuses on transforming fundamental medical research into therapies through a hub-and-spoke method.

It works on a model that merges ideal practices from big pharma and venture capital. This model includes a centralised management group and a hub-and-spoke method for its subsidiary enterprises.

The portfolio model aims to provide enhanced focus, operational efficiencies, talent attraction, flexible financing and risk mitigation through a diversified portfolio.

With a scalable research and development platform, Apollo has access to five of the world's leading universities and research institutes.

Since its founding, the company has secured total funds of more than $450m.