Pinetree Therapeutics Secures $47 Million Series B to Advance Novel Protein Degraders for Drug-Resistant Cancers
Key Insights
Pinetree Therapeutics (search) closed an oversubscribed $47 million Series B financing to advance its AbReptor™ (search) platform targeting drug-resistant cancers (search) through selective protein degradation.
The company's novel bispecific and multispecific protein degraders have demonstrated compelling preclinical efficacy against receptor tyrosine kinases (search) refractory to existing therapies.
Funding will support IND-enabling studies and Phase I clinical trials for lead programs, building on a July 2024 AstraZeneca collaboration worth over $500 million in potential milestones.
Pinetree Therapeutics (search), a preclinical-stage biotechnology company pioneering targeted protein degraders for drug-resistant cancers (search), announced the successful closing of an oversubscribed $47 million Series B financing. The proceeds will advance its lead preclinical oncology programs to Phase I clinical studies and accelerate development of Pinetree's AbReptor™ (search) platform.
The financing round included participation from existing investors DSC Investment (search), WIDWIN Investment, STIC Ventures, Samho Green Investment, Atinum Investment, S&S Investment, SJ Investment Partners, Smilegate Investment, and Gauss Capital Management, as well as new investors Korea Investment Partners and SV Investment.
Novel Approach to Drug-Resistant Cancers
Founded in 2019, Pinetree has positioned itself as an industry leader in the targeted protein degradation (TPD) field. The company is developing a novel class of modular bispecific and multispecific protein degraders designed to selectively eliminate disease-driving membrane-bound and extracellular proteins.
The AbReptor™ (search) platform has demonstrated compelling preclinical efficacy and safety in degrading receptor tyrosine kinases (search) (RTKs) that drive tumor growth and resistance, including targets refractory to existing tyrosine kinase inhibitors (TKIs) and immune checkpoint therapies.
"The AbReptor™ (search) platform has repeatedly demonstrated durable activity across a broad range of RTK targets, including models resistant to standard-of-care therapies, and has unlocked the potential to develop a novel class of degrading antibody drug conjugates (ADCs), which aim to overcome the limitations of traditional ADCs, including tolerability and limited durability," said Ho-Juhn Song, Ph.D., Founder and CEO of Pinetree Therapeutics (search).
Expanding Therapeutic Applications
Beyond oncology, the platform offers new therapeutic approaches for targeting inflammatory cytokines in disease tissues, representing a potential alternative to current immunology and inflammation therapies. Song emphasized the company's commitment to addressing significant unmet clinical needs: "We are thrilled by the strong support from our investors and look forward to using these proceeds to advance differentiated therapies that address significant unmet clinical needs."
Strategic Development Plans
The Series B financing will support IND-enabling studies and Phase I clinical trials for Pinetree's lead programs, expand its multispecific degrader portfolio, and enable strategic collaborations to unlock new target classes.
"We are excited to continue our partnership with Pinetree as they advance a highly differentiated platform with the potential to meaningfully impact patients with RTK-driven tumors (search)," said Yohan Kim, Executive Director of DSC Investment (search). "We see significant promise in Pinetree's approach to overcoming resistance and improving tolerability, particularly for patients with limited treatment options."
Building on Strategic Partnerships
This financing follows a July 2024 collaboration with AstraZeneca, which included an exclusive global license option for Pinetree's preclinical EGFR degrader (search) candidate, valued at over $500 million in potential milestones and royalties. This partnership reflects growing interest in AbReptor™ (search) therapeutics and validates the platform's commercial potential.
The Cambridge, Massachusetts-based company continues to expand its pipeline and strategic partnerships to deliver novel TPD programs that aim to transform treatment for patients with hard-to-treat cancers and other diseases. Pinetree is also advancing trispecific degraders and ADC-integrated platforms as part of its comprehensive approach to targeted protein degradation.