Pinetree Therapeutics, a biotechnology company developing targeted protein degraders to treat drug-resistant cancers, has raised $47 million in an oversubscribed Series B financing round. The new capital will fund advancing its lead oncology programs into Phase I clinical trials and accelerate the development of its proprietary AbReptor platform.
The funding round included existing backers such as DSC Investment, 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.
Founded in 2019, Pinetree has established itself as a leader in targeted protein degradation (TPD), developing modular bispecific and multispecific degraders that selectively eliminate disease-driving membrane-bound and extracellular proteins. The company’s AbReptor platform has demonstrated strong preclinical efficacy in degrading receptor tyrosine kinases (RTKs)—key drivers of tumor growth and therapy resistance—including those that are unresponsive to conventional tyrosine kinase inhibitors and immune checkpoint therapies.
The latest financing will enable Pinetree to conduct IND-enabling studies and launch initial clinical trials for its lead candidates while broadening its portfolio of multispecific degraders. The funds will also support new strategic collaborations focused on expanding therapeutic reach into novel target classes.
Pinetree’s approach aims to pioneer a new generation of antibody drug conjugates (ADCs) with enhanced tolerability and durability compared to traditional ADCs. The company is also exploring targeting inflammatory cytokines as a potential breakthrough in immunology and inflammation treatments.
The Series B round follows Pinetree’s 2024 strategic collaboration with AstraZeneca, which included an exclusive global license option for its preclinical EGFR degrader candidate—an agreement valued at more than $500 million in potential milestones and royalties. That deal underscored the industry’s growing recognition of Pinetree’s technology as a transformative approach to treating hard-to-treat cancers.
With this new financing, Pinetree aims to accelerate its mission to deliver differentiated therapies that overcome resistance mechanisms and improve long-term outcomes for patients with RTK-driven tumors and other diseases.
KEY QUOTES:
“The AbReptor platform has repeatedly demonstrated durable activity across a broad range of RTK targets, including models resistant to standard-of-care therapies.”
Ho-Juhn Song, Founder and CEO, Pinetree Therapeutics
“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.”
Yohan Kim, Executive Director, DSC Investment
