Alethio Therapeutics secures $90 million to develop treatments for rare blood cancers

Alethio Therapeutics, a UK based biotechnology startup, announced it has raised $90 million in new financing.

The capital will be used to advance its pipeline targeting myeloproliferative neoplasms, a group of slow progressing blood cancers that include primary myelofibrosis, essential thrombocythemia and polycythemia vera. Current options such as hydroxyurea, interferon and JAK inhibitors provide limited benefit for many patients.

CEO Rohit Batta said the funding will help develop medicines that could address unmet needs, noting that existing treatments do not work for the majority of cases.