On February 25, 2021 Cullgen Inc., a leading biotechnology company developing small molecule therapeutics based on its proprietary uSMITE platform of targeted protein degradation technology, reported that it has closed a $50 million Series B financing (assuming exercise of warrant) (Press release, Cullgen, FEB 25, 2021, View Source [SID1234575681]). In addition to receiving funding from existing Cullgen investors, five new prominent international venture capital firms also participated in the financing, including the lead investor, 3E Bioventures Capital, as well as Heights Capital Management (an affiliate of Susquehanna International Group), Octagon Capital, MSA Capital and South China Venture Capital. The financing will support the development of Cullgen’s technology platform and internal pipeline of targeted protein degraders in oncology and other diseases. Cullgen is also pleased to announce that Frank Yan, from 3E Bioventures, will be joining Cullgen’s board of directors.
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"There was overwhelming interest from the investment community to participate in this round of funding", said Dr. Ying Luo, Chairman of Cullgen. "We are grateful to have received financial backing from prominent venture capital firms that are convinced that Cullgen has built a world-class targeted protein degradation company. We plan to file an IND later this year for our most advanced program, CG001419, which is a TRK protein degrader for cancer and other disease applications. We plan to utilize the new capital to help advance this program into human clinical studies, as well as advance our other pipeline products closer to human clinical studies. In addition, we believe that the future of targeted protein degradation lies in the use of novel E3 ligands. The new funding will allow us to continue discovering and optimizing our exciting pipeline of novel E3 ligands".