GluBio Announces $22M Series A+ Financing Led by Qiming Venture Partners to Advance Targeted Protein Degradation Pipeline

VCBeat has learned that GluBio (GluBio Pharmaceutical Co., Ltd., hereinafter referred to as “GluBio”), an emerging biotech company specializing in the development of targeted protein degradation drugs, recently announced the completion of a $22 million Series A+ financing round. Since its establishment in March 2021, the company has raised nearly $90 million in total. This round was led by existing investor Qiming Venture Partners, with participation from Lilly Asia Ventures and Kaitai Capital.

This financing will support GluBio in comprehensively expanding its R&D pipeline and further upgrading its protein degrader development platform. Currently, two molecular glue drugs with best-in-class potential for the treatment of relapsed/refractory hematologic malignancies have entered the IND-enabling stage, with IND applications expected to be filed in early 2023. Additionally, three first-in-class protein degraders targeting solid tumors or inflammatory diseases are poised to enter the lead optimization phase.

GluBio is a biotechnology company dedicated to the research and development of innovative small-molecule protein degraders. Targeting previously “undruggable” pathogenic protein targets, the company is developing next-generation molecular glues and PROTAC drugs for targeted protein degradation. GluBio has established a multi-dimensional protein degradation screening platform, an innovative target validation platform, a rational molecular glue design platform, and a proprietary high-activity compound library. The company has assembled a world-class R&D team for novel protein-degrading therapeutics, with 80% of its members holding PhDs. Core team members possess extensive preclinical and clinical development experience from large multinational pharmaceutical companies, covering all stages of new drug development. GluBio operates two major R&D centers in San Diego, California, and Zhangjiang, Shanghai.

“Targeted protein degradation technology holds immense potential to conquer undruggable targets. At GluBio, we can leverage our proprietary protein degradation platform to develop next-generation protein degraders, a source of great pride for our team and a reminder of the significant responsibilities we bear,” stated Dr. Lu Gang, Founder and CEO of GluBio. “Over the past 16 months, GluBio has made substantial progress in developing first-in-class and best-in-class targeted protein degradation therapeutics, identifying and validating several novel targets, and establishing a robust pipeline. Within two months following our Series A financing, we successfully closed our Series A+ round. We extend our sincere gratitude to the distinguished institutional investors and individual investors for their continued confidence and support. Empowered by this latest round of financing, we are confident in accelerating the clinical development of multiple protein degradation drug candidates, with the aim of benefiting patients worldwide at the earliest possible time.”

“Dr. Lu Gang, as the first author, published a paper in Science as early as 2014, pioneeringly elucidating the mechanism of action of the molecular glue drug lenalidomide, thereby ushering in a new era of molecular glue drug development based on the Cereblon E3 ligase. Our team firmly believes that targeted protein degradation drugs will undoubtedly inaugurate the next golden age of new drug discovery, following the era of kinase inhibitors,” added Dr. Fu Liqiang, Co-founder and Senior Vice President of GluBio.

Dr. Kan Chen, Partner at Qiming Venture Partners, stated, “Targeted protein degradation is regarded as a revolutionary technology in the biopharmaceutical industry. The founding team of GluBio possesses extensive experience in the field of targeted protein degradation and has established a robust platform for molecular glue discovery and novel target identification, positioning the company as a potential leader in China’s targeted protein degradation sector. Qiming Venture Partners is pleased to continue supporting the company’s growth and hopes that GluBio will accelerate its R&D and industrialization efforts, bringing more targets addressing unmet medical needs into clinical trials to provide new therapeutic options for patients worldwide.”

About Qiming Venture Partners

Qiming Venture Partners, established in 2006, has successively set up offices in Shanghai, Beijing, Suzhou, Hong Kong, Seattle, Boston, and the San Francisco Bay Area. Currently, Qiming Venture Partners manages 11 US dollar funds and 7 RMB funds, with total assets under management reaching $9.4 billion. Since its inception, the firm has focused on investing in outstanding early-stage and growth-stage companies in the Technology and Consumer (T&C) and Healthcare sectors.

About Lilly Asia Ventures

Lilly Asia Ventures (LAV), established in 2008, is a leading venture capital fund focused on investments in the life sciences and healthcare sectors, with offices in Shanghai, Hong Kong, and Silicon Valley. Committed to being a trusted partner for exceptional entrepreneurs seeking smart capital, LAV aims to collaborate with top-tier founders to build great companies that overcome diseases and improve human health through breakthrough products.

About Kaitai Capital

Kaitai Capital, established in 2009, is an innovative capital management firm focused on investments in biopharmaceuticals and life sciences, artificial intelligence and digital technology, as well as data intelligence and tech-driven consumer sectors. With a global perspective, forward-looking industry research, and an industrial ecosystem investment philosophy, Kaitai Capital has invested in more than 100 biopharmaceutical and life science companies both domestically and internationally, initially forming a collaborative industrial ecosystem. It has developed an ecosystem-oriented investment portfolio across therapeutic areas including oncology, autoimmune diseases, metabolic disorders, anti-infectives, respiratory diseases, cardiovascular diseases, neuroscience, nephrology, ophthalmology, and dermatology, as well as in gene therapy, cell-based medicines, pharmaceutical manufacturing, innovative biotechnologies, and the broader health and wellness industry.