On April 10, 2019 Cullgen Inc. (Cullgen), a biotechnology company dedicated to the development of targeted protein degraders for the treatment of diseases lacking effective therapeutic approaches, reported it has received a $16 million Series A financing from two prominent international venture capital firms, Sequoia Capital China (Sequoia) and Highlight Capital (HC) (Press release, Cullgen, APR 10, 2019, View Source [SID1234535094]). The financing will support the development of Cullgen’s internal pipeline of targeted protein degraders in oncology and other diseases, as well as the company’s efforts to discover novel E3 ligands that may be used as part of a targeted protein degrader complex. Sequoia will also assign a board member to join the Cullgen board.

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"We are delighted to have the support of Sequoia and HC", said Dr. Ying Luo, Chairman and President of Cullgen "Since our founding in early 2018 we have made significant advancement of our targeted protein degradation platform which has directly led to the identification of several pre-clinical assets that we are rapidly advancing towards the clinic. In addition to these core scientific advancements, over the past year the company has assembled a distinguished board of scientific advisors, put in place an outstanding senior management team, and established a state-of-the-art laboratory facility that is run by more than 40 highly talented employees. We are grateful that Sequoia and HC will be part of Cullgen’s mission to develop novel targeted protein degraders for the treatment of debilitating diseases."