Pyramid Biosciences Secures $28 Million in Funding to Accelerate Clinical Programs

On August 31, 2020 Pyramid Biosciences, Inc., a Boston-based biotechnology company developing new precision therapies focused on the modulation of cell surface receptors, reported the close of $28 million USD in funding (Press release, Pyramid Biosciences, AUG 31, 2020, View Source [SID1234564208]). The financing will accelerate the growth of Pyramid Biosciences’ programs focused on novel tropomyosin receptor kinase (TRK) modulators in oncology and dermatology disorders.

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

                  Schedule Your 30 min Free Demo!

The funding round was supported by Adage Capital Management, Averill Master Fund, Ltd., J.W. Childs Associates L.P. as well as several other investors.

"We are extremely pleased to have the support of these established investor groups, helping us progress both our scientific development programs and our business strategy," said Pyramid Biosciences’ Co-Founders, Jordan Leef and Kollol Pal, PhD. "We could not be more proud of what we have accomplished nor more excited about the future for our TRK programs."

Pyramid Biosciences’ oncology candidate, PBI-200, is a best-in-class, orally-active TRK inhibitor. Moreover, PBI-200 is a highly brain-penetrant agent which overcomes the acquired clinical resistance mutations that are observed with current TRK inhibitor therapies. Pyramid Biosciences is developing PBI-200 to treat a broad range of genomically-defined solid tumor cancers, including primary and metastatic brain cancers.

PBI-100 is a first-in-class, selective TRK modulator which contains anti-itch, anti-inflammatory and antiproliferative effects. Pyramid Biosciences is developing PBI-100 for a range of dermatological and inflammatory diseases, including psoriasis and atopic dermatitis.