On February 23, 2022 Plexium, Inc. (Plexium), a leading next-generation targeted protein degradation (TPD) company, reported the completion of an oversubscribed $102M financing, led by BVF Partners, L.P. and TCG X, with participation from new investors Softbank Vision Fund 2, RA Capital Management, Surveyor Capital (a Citadel company), and Pappas Capital (Press release, Plexium, FEB 23, 2022, View Source [SID1234608877]). Existing investors The Column Group, DCVC Bio, Pivotal bioVenture Partners, Lux Capital, M Ventures, CRV and Neotribe Ventures also participated in the round. In connection with the financing, Cariad Chester, partner at TCG X, has joined the Plexium Board of Directors.
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"We are proud of Plexium’s significant progress toward becoming the premier targeted protein degradation company. From attracting the highest quality investors in our latest financing announced today to establishing a validating partnership with Amgen for oncology, we continue to enhance our best-in-class platform and expand our pipeline to improve patients’ lives," said Plexium President & CEO Percival Barretto-Ko. "Plexium is well positioned to accelerate our programs toward the clinic and broaden our capabilities with a comprehensive and agnostic approach across multiple TPD modalities to address the vast undrugged landscape of opportunity that remains."
The proceeds from the financing will enable Plexium to accelerate its pipeline programs toward the clinic, including a molecular glue that selectively degrades the IKZF2 transcription factor, selective degraders of CDK2 and SMARCA2, and other undisclosed high value targets. In addition, the financing will support the advancement of Plexium’s TPD platform, powered by a proprietary high-throughput cell-based screening technology, to discover novel therapies across multiple therapeutic areas including oncology and other diseases.
Cariad Chester, partner at TCG X, added, "The foundational screening technology at Plexium is uniquely capable of interrogating molecular glues and degraders in a cellular context. With an incredible team and a compelling discovery and development platform, Plexium has quickly emerged as a leader in the field of targeted protein degradation and is well-positioned to realize the potential of this transformational modality to impact patients. We are proud to co-lead this financing and look forward to supporting Plexium through its next phase of growth."
With the close of this financing, Plexium is well-capitalized with almost $200 million, including committed partnership research and development funding, to advance its pipeline and expand the capabilities of its TPD platform.