PHILADELPHIA– Fore Biotherapeutics (formerly NovellusDx), a precision oncology company focused on providing people with rare cancer mutations rapid access to the right medicines, today announced that it is opening its global headquarters in Philadelphia. Fore’s discovery and functional genomics platform team will continue to be based out of Jerusalem, Israel, while future operational growth across clinical, manufacturing, G&A and commercial operations will be planned in and around the Philadelphia biotech hub.
With access to talent, major universities, renowned healthcare institutions and laboratory space, Philadelphia is rapidly becoming one of the nation’s top life science markets and leading biotech research hubs. Philadelphia has the fourth highest concentration of colleges and universities in the U.S. and generates $10.5 billion in research and development spending each year. Between 2019 and 2020, life science venture capital funding in the region increased by 350%, and construction of lab and office space is expected to grow exponentially in the coming years, with up to two million square feet of new construction planned by 20241. Fore will open its new headquarters on Market Street in the CIC Philadelphia shared workspace, a hotspot for regional innovation, which includes laboratory, office and coworking spaces.
“I am delighted to establish Fore’s new home in Philadelphia, where our team will join an evolving community of premier life science researchers and leaders, including many companies we have long admired,” said Usama Malik, Chief Executive Officer at Fore Biotherapeutics. “Our location in the heart of Philadelphia will not only allow us to forge local connections in a growing life science market; it also puts us in proximity to global financial leaders in New York City and an esteemed base of potential strategic partners in New Jersey and Washington, D.C. I look forward to working with and learning from communities across the Northeast region as we advance a new paradigm for precision cancer treatment.”
Fore is pioneering a novel approach to cancer drug development by using functional genomics screening to match patients with rare cancer mutations to clinically validated therapies. The company plans to immediately begin recruiting for high-skilled, high-salary jobs from Philadelphia’s broad and diverse talent pool, which includes graduates from the more than 100 colleges and universities1 in the Philadelphia region. The company expects to recruit hundreds of new positions over the coming years at the Philadelphia headquarters. Currently, Fore is seeking candidates for positions in clinical operations; regulatory affairs; biostatistics; clinical pharmacology; translational research; project management; chemistry, manufacturing & controls; and quality operations, among others.
“In recent years, Philadelphia’s life science industry has seen tremendous growth. Fore Bio’s relocation to Philadelphia not only bolsters our reputation as a top-tier biotech hub, but also positions our community for additional growth,” said Philadelphia Mayor Jim Kenney. “Philadelphia’s biotech landscape is well-recognized for significant breakthroughs in cell and gene therapy, and Fore is a welcome addition to our city. The company brings pioneering technology that has the potential to positively impact the lives of thousands of people with rare cancer mutations while enhancing Philadelphia’s reputation as a global leader in this critical industry of the future.”
A recent peer-reviewed publication in the European Journal of Cancer shows that the company’s functional genomics screening strategy is highly effective for patients with cancer caused by RAS mutations. Fore’s lead asset, FORE8394, is a Class I/II BRAF inhibitor for RAS-mutant cancers and is currently being evaluated in a Phase 1 dose-finding study. The company plans to in-license additional clinical-stage assets identified through its integrated functional genomics and machine learning drug discovery engine, Foresight, in the coming months.
“Fore Bio is advancing a completely new model that has the potential to transform the way that we study and treat cancers harboring rare mutations,” said Dario Altieri, M.D., president and CEO, Cancer Center director and the Robert and Penny Fox Distinguished Professor of The Wistar Institute, a Philadelphia-based global leader in cancer, immunology and infectious disease research. “We are thrilled to welcome their team to the Philadelphia life science family and hope to find opportunities to collaborate as we advance research in oncology and other areas with the potential to change the future of human health.”
