On June 6, 2023 Polymed Biopharmaceuticals reported it has closed an RMB 15 million series pre-A funding round invested by Zhejiang Sundoc Pharmaceutical Science and Tech Co., Ltd (Press release, Polymed Biopharmaceuticals, JUN 6, 2020, View Source [SID1234630611]).

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The fund from this round will be used for building up and perfecting Polymed’s PROTAC Platform, based on which several PROTAC projects will be carried out to solve the "undruggable targets" problem, and for advancing differentiable drug candidates into preclinical studies.

Doctor Jason Xiang, the CEO of Polymed, believes that the advancement of pharmaceutical industry heavily depends on the breakthrough in technology innovation. The PROTAC approach can clear out the abnormal proteins that cause cancer or autoimmune disease through the proteasome degradation pathway inside the cells, thus may become one important way to solve the "undruggable target" problem. The successful implementation may lead to a new wave of innovative breakthrough in pharmaceutical industry.