Inflection Biosciences has raised €725,000 in a second financing round from new and existing private investors. The company announced its first round of financing in June 2013, bringing the total raised thus far to €1.2m.

The new tranche of funds will be used to advance the company's pipeline of cancer treatments, currently in pre-clinical stages of development.

The equity financing includes conversion of €225,000 previously issued loan notes. Enterprise Ireland are among the firm's backers – it put €150,000 into Inflection Biosciences in May 2013.

The company recently announced a separate funding collaboration with the Multiple Myeloma Research Foundation in the United States.

Inflection Biosciences was founded in 2012 by Darren Cunningham, Dr Michael O'Neill and John Scanlan, and operates offices in Dublin and London.

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Cunningham is a chartered accountant and has been working in senior management positions in the life science sector for some 14 years, while O'Neill has been working in the pharmaceutical industry for 20 years.

Scanlan is director of commercialisation at NUI Maynooth, leading a team that focuses on successfully developing spin-out companies.

The company has been focusing on a type of cancer treatment involving kinase inhibitors, which target only cancer cells, as opposed to chemotherapy, which blocks cell division but causes healthy cell damage also.

Inflection is collaborating with TCD to test its molecules, while the firm has also entered into a license agreement with the Spanish National Cancer Research Centre for exclusive rights to develop and commercialise a series of new cancer treatments.