Healthcare Industry News: HSMN NewsFeed
News Release - May 20, 2021
BioTheryX Announces $92M Series E Financing to Accelerate Development of Targeted Protein Degradation Pipeline and Technology Platform in OncologyFirst molecular glue program, BTX-1188, expected to enter the clinic by the end of 2021
Additional protein degradation programs on track for IND-enabling activities in 2022
Multi kinase inhibitor, BTX-A51, to continue in Phase 1 with expansion into solid tumors
SAN DIEGO, May 20, 2021 -- (Healthcare Sales & Marketing Network) -- BioTheryX, Inc., a clinical-stage company focused on degrading proteins to create life-saving cancer medicines, today announced a $92 million Series E financing led by Farallon Capital Management, with participation from additional new investors Avidity Partners, Deep Track Capital, Janus Henderson Investors, Lumira Ventures, Point72, Rock Springs Capital, Surveyor Capital, Tekla Capital Management, Alexandria Venture Investors and existing investors.
The proceeds from the financing will be used to advance multiple molecular glues, PHM-based PROTACs and monovalent degraders, including BTX-1188, toward clinical development. BioTheryX also plans to advance the clinical development of its lead multi-kinase inhibitor, BTX-A51, for the treatment of acute myeloid leukemia, myelodysplastic syndromes and solid tumors.
"We are pleased to have the support of an elite group of investors who share BioTheryX's vision of realizing the promise of targeted protein degradation and delivering benefit to patients," said Robert Williamson, President and CEO of BioTheryX. "With this financing, we are well positioned to execute our plans to bring our first molecular glue program BTX-1188 into the clinic by the end of 2021, expand our platform of molecular glues, PROTACs and monovalent degraders and progress our lead program BTX-A51 through Phase 1."
About BioTheryX, Inc.
BioTheryX is a clinical-stage biopharmaceutical company focused on restoring protein homeostasis, including protein degradation and modulation, and multi-kinase inhibition to develop treatments intended to extend and improve the quality-of-life of patients with cancer and other diseases. Our principal technology platform centers on targeted protein degradation, PHMŪ 'molecular glues', that enable the design of small molecules to regulate protein equilibrium. This technology is designed to utilize the body's own protein disposal system to selectively degrade and remove disease-causing proteins. It has potential applicability for a broad range of diseases, including targets that have to date been considered 'undruggable', and BioTheryX is initially focused on treating oncology indications with high unmet need. For more information, please visit www.biotheryx.com and engage with us on LinkedIn.
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