South San Francisco-based Proteolix has raised $79 million to fund its development of new drugs that target protein degradation pathways in cancer and autoimmune diseases. Money from the third venture round will be used to finance Phase II clinical trials of carfilzomib and advance the anti-cancer therapeutic into Phase III clinical trials for the treatment of multiple myeloma. Proteolix will also use the funds to advance candidates in the company's earlier stage pipeline of proteasome inhibitors.
"Our lead candidate, carfilzomib, has demonstrated promising results in clinical and preclinical studies in multiple myeloma and a variety of other tumor types," said CEO Susan Molineaux, Ph.D. "Proceeds from this financing will enable us to advance carfilzomib to registration studies for multiple myeloma while continuing to cultivate select early-stage assets in our pipeline."
Nomura Phase4 Ventures led the round. New investor Westfield Capital Management and existing investors Advanced Technology Ventures, Delphi Ventures, Latterell Venture Partners, U.S. Venture Partners and The Vertical Group all participated in the financing.
- read the Proteolix release