Healthcare Industry News: targeted protein degradation
News Release - April 30, 2019
Vividion Therapeutics Announces Oversubscribed $82 Million Series B FinancingBolsters capital to advance lead programs into the clinic and broaden early-stage pipeline of therapeutics against previously intractable drug targets
Financing round led by Nextech Invest
SAN DIEGO, April 30, 2019 -- (Healthcare Sales & Marketing Network) -- Vividion Therapeutics, a biotechnology company with a revolutionary platform to discover small molecule therapeutics against biologically compelling but previously intractable targets, today announced the completion of an oversubscribed $82 Million Series B financing. The financing was led by Nextech Invest, an oncology-focused investment firm, and included participation from additional new investors BVF Partners, Casdin Capital, Mubadala Ventures, Trinitas Capital, Mirae Asset Capital, Altitude Life Science Ventures, and Alexandria Venture Investments. Existing investors ARCH Venture Partners, Versant Ventures, Cardinal Partners and Celgene Corporation also participated in the round.
In connection with the financing, Jakob Loven, Ph.D., Partner at Nextech Invest, will join the Vividion Board of Directors.
"Vividion's unique approach has allowed us to discover and advance exquisitely selective small molecules against high value targets that have been extremely challenging to drug historically," said Dr. Diego Miralles, Chief Executive Officer of Vividion Therapeutics. "With over $165 million in cash and a remarkable team, we are well positioned with substantial runway to maximize the multiple opportunities provided by our unique platform, bringing therapeutics to many patients in need."
Vividion Therapeutics has pioneered an approach, based on the work of Professor Benjamin Cravatt at The Scripps Research Institute, that enables screening of small molecules against every protein in native biological systems. This unique platform identifies highly selective binders to previously intractable targets, agnostic to protein class and function. These can be developed into drugs utilizing a range of approaches, including direct and allosteric modulation of protein function, and targeted protein degradation. The company's immediate focus is in oncology and immunology.
"We are witnessing a renaissance in the field of synthetic and medicinal chemistry and the numerous possibilities small molecule drug discovery brings to previously challenging target classes," said Loven. He added: "Vividion has successfully pioneered its platform to reveal druggable opportunities at an unprecedented scale and resolution to open a large range of therapeutic possibilities. We look forward to working with Vividion's highly experienced team as they continue to build the platform and pipeline toward first-in-class medicines for underserved patients."
Vividion Therapeutics is a biotechnology company focused on developing innovative therapeutics that treat major unmet medical needs using the first platform for proteome-wide small molecule drug discovery. The company's cutting-edge platform is based on seminal work from the labs of Professors Benjamin Cravatt, Phil Baran, and Jin-Quan Yu at The Scripps Research Institute in La Jolla, CA. Vividion previously raised a $45 Million Series A from ARCH Venture Partners, Versant Ventures, and Cardinal Partners. In March 2018, the Company established a multi-year, $101 Million up-front strategic collaboration with Celgene Corporation, aimed at discovering therapeutics against select first-in-class targets, with an initial focus in oncology and inflammation.
Vividion Therapeutics is headquartered in San Diego, CA. For more information, visit www.vividion.com.
Source: Vividion Therapeutics
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