Pinetree Therapeutics, Inc., a biotechnology company headquartered in Cambridge, Massachusetts, announced on the 29th that it has completed a Series B financing round totaling $47 million (approximately KRW 67 billion). The round closed above its initial target, with follow-up participation from existing investors and the addition of new investors.
This round saw follow-on participation from existing investors, including DSC Investment, Withwin Investment, Stick Ventures, Samho Green Investment, Atinum Investment, S&S Investment, SJ Investment Partners, Smilegate Investment, and Gauss Capital Management. New investors included Korea Investment Partners and SV Investment.
Pintree Therapeutics has raised $43.5 million (approximately KRW 62.3 billion) through its Series A Extension through 2024, and with this Series B, its cumulative investment amount reaches $90.5 million (approximately KRW 129 billion).
Founded in 2019, Pintree Therapeutics is a company specializing in the development of antibody-based protein degradation drugs. It is developing next-generation protein degradation technology (TPD, Targeted Protein Degradation) targeting cell membrane receptors and extracellular proteins.
The company's core platform, AbReptor™, utilizes dual- and multispecific antibody structures to selectively remove disease-causing proteins. This platform has proven effective even in tumors resistant to existing tyrosine kinase inhibitors (TKIs) and immune checkpoint inhibitors, and is being expanded into a novel form of degrading antibody-drug conjugate (ADC) that can overcome the limitations of antibody-drug conjugates (ADCs). The company is also expanding its application to the fields of inflammatory diseases and immunology.
In July of last year, Finetree Therapeutics signed a global exclusive licensing option agreement (valued at $500 million, including milestones and royalties) with the multinational pharmaceutical company AstraZeneca for its EGFR-targeting protein-degrading antibody candidate. Through this agreement, the company has gained recognition from global pharmaceutical companies for the technological prowess and scalability of its platform, expanding its network of strategic collaborations.
Song Ho-jun, CEO of Finetree Therapeutics, said, “The AbReptor™ platform has shown consistent efficacy and low side effects across various receptor tyrosine kinase (RTK) targets, and has also confirmed its potential in refractory cancers that do not respond to existing treatments.” He added, “Through this investment, we will accelerate our entry into phase 1 clinical trials and accelerate the development of innovative protein-degrading therapeutics.”
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