PAQ Therapeutics, a biotechnology company that is developing best- and first-in-class KRAS degraders for patients with lethal cancers lacking effective treatment options, today announced the completion of its $39 million Series B funding. The Series B funding round was co-led by Bayland Capital and MRL Ventures Fund (MRLV), with participation from Johnson & Johnson Innovation – JJDC, Inc. (JJDC), LAV Fund, BioTrack Capital, and existing investor Sherpa Health Partners.
What the funding will be used for: The funding will be used to fund PAQ’s next stage of clinical development for the company’s lead asset PT0253, a potent and selective degrader of KRAS G12D, a known driver for a range of solid tumors. And PT0253 has demonstrated best-in-class potential based on preclinical comparison to existing agents currently in clinical development targeting the same KRAS mutant. In Q1 2025, the first patient was dosed in a Phase 1 study to assess its safety and tolerability.
The funds will also support the advancement of the company’s second asset through IND-enabling studies.
KEY QUOTES:
“The successful completion of our Series B funding and rapid enrollment of our Phase 1 trial in the US for PT0253 mark significant steps forward in our clinical development efforts. The strong support from our investors validates the potential of our innovative approach. We now turn our focus to executing a robust clinical development plan while continuing to develop a differentiated pipeline of KRAS degraders.”
Nan Ji, PhD, PAQ’s co-founder, President, and CEO
“PAQ represents a compelling opportunity to develop transformative therapies for oncology populations with high unmet need. Their innovative efforts advancing the targeted protein degradation modality aligns with our commitment to backing scientifically rigorous teams that tackle pressing medical challenges. We’re confident in PAQ’s ability to unlock the full potential of KRAS degraders and are proud to support their journey toward achieving clinical impact.”
Olga Danilchanka, Partner, MRLV, the therapeutics-focused corporate venture arm of Merck
“The team at PAQ is at the forefront of an innovative approach to treat some of the most underserved patient populations in oncology. We were attracted to PAQ based on its scientific approach, preclinical data, and experienced leadership team. We believe there is tremendous potential for KRAS degraders and are excited to be part of PAQ’s next stage of growth.”
Yuexing Su, Founding Partner, Bayland Capital
