Portfolio biopharmaceutical company Apollo Therapeutics has secured $226.5m in a Series C funding round to advance its pipeline of programmes.

Patient Square Capital led the financing round with new investors including M&G as well as two US public pension plans taking part. 

The funding round also saw participation from current investor Rock Springs Capital.

Apollo plans to utilise the funds to progress its pipeline programmes through clinical development.

The proceeds will also be used to finance drug discovery and development works of the company based on developments in its partner institutes’ research. 

Furthermore, the company will license or purchase further clinical-stage programmes that meet a stringent selection process.

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Apollo Therapeutics CEO Dr Richard Mason said: “We are delighted to announce the close of our latest fundraise and wish to thank our existing investors for their continued support, as well as warmly welcoming all the new investors. 

“Apollo has built a broad and diversified pipeline focused on major commercial markets and this latest fund-raising enables us to take our most advanced programmes to key clinical value inflection points.”

The latest funding adds to $195m in proceeds secured earlier by the company.

Apollo focuses on advancing major medical research into treatments leveraging a “hub-and-spoke” approach.

Patient Square Capital managing partner Jim Momtazee said: “I have long believed in a business model for drug development characterised by extremely talented management, sufficient capital to pursue multiple programmes and world-class science focused on unmet medical need. 

“We are proud to support Apollo Therapeutics as it develops a number of promising medicines that we anticipate will eventually transform patient care.”