Parabilis Medicines, a clinical-stage biopharmaceutical company, has announced it has secured $305.0 million in new funding from investors. This significant capital raise will substantially advance the company's mission to develop novel therapeutics for people living with cancer.
Parabilis Medicines is dedicated to creating extraordinary medicines through its pioneering Helicon™ discovery platform. This platform engineers precisely-tuned, stabilized helical peptide therapeutics designed to unlock a large number of traditionally undruggable targets. The company's lead clinical program, FOG-001, a first-in-class TCF-blocking β-catenin inhibitor, is currently being evaluated in a Phase 1/2 study for patients with colorectal cancer and other solid tumors. This program demonstrates the Helicon™ platform's applicability to address complex intracellular protein-protein targets, which are often implicated in various cancers.
The newly secured $305.0 million will be instrumental in accelerating the development of Parabilis Medicines' robust pipeline of other first-in-class programs. These initiatives target proteins known to be relevant to numerous cancers but have historically been considered intractable with traditional drug modalities. The versatility of the Helicon™ approach allows for the discovery of multiple targeting mechanisms, including functional protein-protein interaction inhibitors, bifunctional degraders, and radioligand therapeutics. The funding is expected to support ongoing clinical trials, expand research and discovery efforts, and further scale the Helicon™ platform's capabilities.
With this latest funding round, Parabilis Medicines has now raised more than $500 million to date from leading life sciences investors. Headquartered in Cambridge, Mass., the company is well-capitalized and strategically positioned to continue its growth initiatives, aiming to bring transformative treatments to patients battling cancer and address significant unmet medical needs.
