Emerging Company Profile: Backed by $20m in seed funding, the UK firm is going against the grain by antagonizing, instead of agonizing, G protein-coupled receptor 35 with an eye to treating colorectal cancer and other gastrointestinal conditions.

Private Company Edition: Patient Square’s private equity fund, which surpassed its $3bn fundraising goal, may invest broadly across health care but the firm already has invested heavily in biopharma. Also, investor Dimension launches with a $350m specialized VC fund and Alto increased its series B to $60m.

The UK biotech will use the funds to advance the development of its first-in-class ERAP1 inhibitor, which could circumvent the limitations of poor tumor visibility and T cell exhaustion.