New investment supports continued development of multispecific antibody degraders for oncology and other therapeutic areas
CAMBRIDGE, Mass., July 30, 2024 -- 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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