On June 30, 2021 Polymed Biopharmaceuticals reported an RMB 50 million pre-A round fundraising invested solely by Matrix Partners China (Press release, Polymed Biopharmaceuticals, JUL 30, 2021, View Source [SID1234630621]). The fund raised from this round will be used for strengthening Polymed’s PROTAC Platform, based on which therapeutic projects are carried out targeting several previously undruggable targets, and for supporting the IND filing activities for PB001/ABR085 which is a novel protein tyrosine kinase inhibitor against EGFR exon 20 insertion mutants.

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"We are pleased to gain the support from Matrix Partners China", Dr. Jason Shaoyun Xiang, the founder and CEO of Polymed said. He further said "We will move our pipelines full speed ahead in order to create novel efficacious therapies for patients".

Dr Zhiyun Yu, the managing partner for Matrix Partners said: "Polymed has a strong pipeline from their PROTAC technologies and leading kinase inhibitors with the potential to become FIC or BIC. We are particularly appreciating the potential for further clinical development of these projects.