Terremoto Biosciences has raised $175m in Series B financing to advance the development of its small molecule portfolio.

The Series B featured new investors such as EcoR1 Capital, Novo Holdings, and Cormorant Capital. In May 2022, the company raised $75m in Series A financing for its lysine-based covalency drug development platform.

Small molecules are a key driver for biopharmaceutical sales and account for approximately 60% of global market revenue, as per the AI hub on GlobalData’s Pharma Intelligence Center.

GlobalData is the parent company of Pharmaceutical Technology.

Multiple companies have invested in developing small molecule candidates. In August, MSD partnered with Astex Pharmaceuticals to identify a p53 tumour suppressor protein targeting small molecule candidates. Overall, small-molecule drug development has seen an influx of investment in recent months. In October, AstronauTx raised £48m ($58.4m) to advance its portfolio of small-molecule drugs for treating neurological diseases, including Alzheimer’s.

Terremoto has not disclosed the specific candidates or therapy indications it is aiming for in the 2 November press release. However, the company mentioned that it will use its covalent drug discovery and development engine for a spectrum of severe diseases including cancer, based on the May 2022 Series A announcement.

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“We are pleased with the level of investor enthusiasm for our programs and platform represented by this Series B, especially in a challenging market environment for biotech companies,” said Terremoto’s co-founder and CEO Peter Thompson in the 2 November press release.

On the other hand, other companies had to undertake significant cost-cutting measures. Most recently, Rani Therapeutics and Sangamo Therapeutics have both laid off some of their workforce. Rani has also discontinued one of its programmes while Sangamo announced plans to defer further investment in some of its candidates.