FineTree Therapeutics (FineTree), a biotech company developing anticancer drugs, announced on the 30th that it has completed a Series A investment round worth $17 million.
This Series A investment round was led by Stick Investment and DSC Investment. New investors included Atinum Investment, S&S Investment, and Quantum FA, while existing investors Samho Green Investment and Schmidt also participated.
FineTree was founded in Cambridge, Boston, USA. The company leads the next-generation targeted protein degradation (TPD) field and develops anticancer drugs capable of overcoming resistance to existing anticancer agents and various other drugs. It possesses a proprietary multi-antibody platform (AbReptor™) designed to degrade disease-causing cell membrane receptors and plasma proteins. Recently, it demonstrated the platform’s potential through a technology licensing agreement with the multinational pharmaceutical company AstraZeneca.
Based on this investment, FineTree plans to develop innovative multi-specific TPDs targeting various cancer types and proteins using its platform, and to expand into other therapeutic areas.
Dr. Hojoon Song, founder and CEO of FineTree, stated, "We are pleased that this Series A investment will accelerate the advancement of FineTree’s platform and the development of new pipelines (drug candidates)."
Yohan Kim, Executive Director of DSC Investment who led the investment, said, "We highly value FineTree’s innovative platform and participated as a co-lead investor. Based on strong confidence in the preclinical data of the new membrane degrader, we plan to continuously support FineTree’s innovative platform going forward."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
