Pi Therapeutics Announces $19.7 Million Series B Financing
NESS ZIONA, Israel, May 29, 2019 /PRNewswire/ -- Pi Therapeutics, a company dedicated to the development of novel modulators of protein degradation for cancer, today announced the completion of a $19.7 million Series B financing. The financing was led by existing investor Pontifax, with participation from Quark Venture and GF Securities through GHS Fund, Arkin Bio Ventures, CBG and existing investor, RMGP.
Pi's lead product is a novel first-in-class inhibitor of protein degradation that generated encouraging pre-clinical activity in multiple models of liquid and solid tumors. Proceeds from this financing will be used to advance Pi's lead program to clinical proof-of-concept.
"While inhibition of protein degradation is a clinically-validated approach, there is still a need to identify novel drugs in this space with new modes of action, a broad spectrum of activity and an improved safety profile," said Dr. Ori Kalid, Chief Executive Officer of Pi. "We are excited by the potential of our new class of drugs to provide an effective and well-tolerated alternative to cancer patients."
In connection with the financing, Dr. Zafrira Avnur from Quark Venture, Dr. Pini Orbach from Arkin Bio Ventures and Merav Kaye from CBG will join the board of directors.
About Pi Therapeutics
Pi Therapeutics is a preclinical-stage pharmaceutical company dedicated to the development of protein degradation modulators for the treatment of cancer. PI's lead drug modulates pathways related to proteostasis, offering a unique approach to the preferential targeting of cancer cells. Preclinical data to date have demonstrated a compelling safety and efficacy profile which is differentiated from approved protein degradation inhibitors. The company was established in 2015 based on technology in-licensed from Johns Hopkins University and has raised a total of approximately $24M to date.
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SOURCE Pi Therapeutics