'TPD Anticancer' Phintree Therapeutics Raises $1700 Series A Funding
Pine Tree Therapeutics, a biotech company developing anticancer drugs, announced on the 30th that it has completed a Series A investment round worth $17 million (approximately 23.5 billion KRW).
![Pine Tree Therapeutics Company Logo<br>[Photo by Pine Tree Therapeutics]](http://www.asiae.co.kr/news/img_view.htm?img=2024072409405662512_1721781656.jpg)
This Series A investment round was led by Stick Investment and DSC Investment, with new investors including Atinum Investment, SNS Investment, and Quantum FA participating. Existing investors Samho Green Investment and Schmidt also took part.
Pine Tree Therapeutics was founded in 2019 in Cambridge, Boston, USA. The company is developing anticancer drugs capable of overcoming resistance to existing anticancer agents and various drugs in the next-generation targeted protein degradation (TPD) field. Pine Tree's platform technology, AbReptor, is an antibody platform designed to degrade disease-causing cell membrane receptors and plasma proteins. Pine Tree recently demonstrated the potential of its platform by securing a technology licensing agreement with the multinational pharmaceutical company AstraZeneca.
With this investment, Pine Tree plans to develop multi-specific TPDs targeting various cancer types and proteins using the AbReptor antibody degradation platform, while also aiming to expand into other therapeutic areas.
Song Hojun, founder and CEO of Pine Tree, said, "With this Series A investment, we can accelerate the advancement of the AbReptor platform and the development of new pipelines. The funds will be used to develop preclinical candidates for subsequent anticancer pipelines and various therapeutic areas."
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Kim Yohan, Executive Director of DSC Investment, who led the investment, also said, "We highly value Pine Tree's innovative AbReptor platform and participated as a co-lead investor in this round. Based on strong trust in Pine Tree's new membrane degrader preclinical data, we will continue to support Pine Tree's innovative platform steadily."
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