On August 1, 2022 GluBio Therapeutics, a biotech company focused on developing novel targeted protein degradation (TPD) drugs, reported the completion of Series A+ financing of $22 million (Press release, GluBio Therapeutics, AUG 1, 2022, View Source [SID1234638030]). This round is led by Qiming Venture Partners and joined by Lilly Asia Ventures and Kaitai Capital, bringing the total capital raised to nearly $90 million since its establishment in March, 2021.
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The investment will help advance two molecular glue degraders with best-in-class potential into the clinic for hematological malignancies, accelerate the lead optimization entry of three first-in-class TPD drugs for solid tumors and inflammatory diseases, and further upgrade GluBio’s proprietary TPD discovery platform and screening capabilities tailored for rapid discovery and optimization of small molecule protein degraders for ‘undruggable’ therapeutic targets.
"We are thrilled to advance molecular-glue and heterobifunctional protein degraders, which hold a great promise of eliminating disease-causing proteins that are not amenable to traditional therapeutic approaches," said Gang Lu, Ph.D., GluBio Founder and CEO. "In the past 16 months, GluBio made tremendous progress in developing best-in-class and/or first-in-class TPD assets and state-of-the-art TPD platform, fully maximizing the therapeutic and commercial potential of TPD technologies. We completed this round within two months of Series A financing. We are grateful for the unwavering confidence investors have in our assets and platform, and confident that this round will accelerate a smooth and successful execution of our pipeline and platform."
Dr. Kan Chen, Partner of Qiming Venture Parners, said, "Targeted protein degradation is a revolutionary technology in the biopharmaceutical field. GluBio team has extensive experience in targeted protein degradation and has built a strong platform for molecular glue and new target discovery technologies, making it a promising leader in TPD field. Qiming Venture Partners is pleased to continue our support to the company’s development and hopes that GluBio will accelerate its R&D and industrialization process to bring more unmet need targets to the clinical stage and new treatment options to patients worldwide."