China biotech company GluBio raises $22m
China and US-based GluBio Therapeutics, which develops targeted protein degradation (TPD) drugs, has raised an extended Series A round of USD22m led by Qiming Venture Partners.
Lilly Asia Ventures and Kaitai Capital also took part. It brings total funding to nearly USD 90m since the company's inception in March 2021.
Protein degraders tackle tough drug targets by taking over certain protein-related cellular systems. While conventional small-molecule and antibody drugs can access only about 20% of these proteins, TPD promises access to the other 80%.
GluBio uses a proprietary TPD discovery platform and screening capability to develop small-molecule degraders across various therapeutic areas including oncology and immunology. It will use the fresh proceeds to advance two degraders with best-in-class potential applications in heamatological malignancies.
The company will also accelerate the development of three first-in-class TPD drugs for solid tumours and inflammatory diseases. There are also plans to upgrade its TPD platform to address other small molecule protein degraders for undruggable therapeutic targets.
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