New investment supports continued development
of multispecific antibody degraders for oncology and other
therapeutic areas
CAMBRIDGE, Mass., July 30,
2024 /PRNewswire/ -- Pinetree Therapeutics, Inc.
("Pinetree" or the "Company"), an emerging biotechnology company
pioneering next-generation targeted protein degraders (TPD) to
combat drug resistance in oncology and beyond, today announced the
successful completion of a Series A funding round, raising
$17 million from new and existing
investors.
The investment was co-led by STIC Investments and DSC
Investment. New investors include Atinum Investment, Quantum FA,
and S&S Investment, joining existing investors DSC Investment,
Schmidt, and SGI Partners. The proceeds will be used to leverage
the Company's AbReptor™ antibody degrader platform to advance
its novel multispecific TPD development programs across multiple
tumor types and targets in several oncology indications, with
potential application in other therapeutic areas.
"We are pleased to announce the closing of this investment round
to fuel Pinetree's novel targeted degradation approach," said Dr.
Hojuhn Song, Founder and CEO of Pinetree. "Our best-in-class
multispecific antibody platform, AbReptor™, leverages a novel
mechanism of action to degrade surface and extracellular proteins
to improve outcomes across therapeutics areas. This technology
enables the development of effective and versatile protein degrader
molecules, including our lead preclinical degrader candidate for
EGFR-mutated cancers, for which we recently announced an exclusive
option and global license agreement with AstraZeneca. With our
first global partnership secured, this additional funding, and with
the encouraging preclinical data generated to date from AbReptor™,
we are excited to continue applying our scientific approach to
advance additional candidates in oncology and other
indications."
"We are proud to provide our continued support as part of an
exceptional syndicate for Pinetree, whose promising AbReptor™
platform has yielded novel programs with the potential to address
unmet medical needs in people living with a range of
treatment-resistant diseases," said Yohan
Kim, Executive Director of DSC Investment. "Recent data from
Pinetree's degrader programs solidifies our confidence in the
Company's approach, and we look forward to continuing our support
for Pinetree and its platform technology and pipeline."
AbReptor™ is a versatile antibody-based TPD platform that
functions through co-engaging a surface-receptor or extracellular
protein of interest together with another proprietary receptor
target. Pinetree is advancing multiple preclinical candidates
derived from its AbReptor™ TPD platform with potential in oncology
and other therapeutics areas, including candidate degraders
indicated for TKI-resistant tumors, immune checkpoint
inhibitor-resistant tumors, and other disease targets.
About Pinetree Therapeutics, Inc.
Established to combat drug resistance in oncology and beyond,
Pinetree's platform technology, AbReptor™, is a best-in-class,
transformative and modular antibody platform designed to degrade
membrane-bound and extracellular proteins. Since its founding in
2019, Pinetree's platform has brought about several compelling
pre-clinical programs in oncology and other therapeutic areas.
Please visit the Company's website at pinetreetx.com and connect
on LinkedIn for more information.
Contact:
Clemens
Reinshagen
BD@pinetreetherapeutics.com
Pinetree Therapeutics, Inc
Cambridge, MA
+1-617-945-2309
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SOURCE PineTree Therapeutics