Gluetacs Therapeutics Secures Over RMB 100 Million in Pre-A Financing Led by Yijing Capital

VCBeat (WeChat ID: vcbeat) recently learned that BiaoXin Biomedical Technology (Shanghai) Co., Ltd. (Gluetacs Therapeutics) has completed its Pre-A financing round, raising over RMB 100 million. This round of financingLed by Yijing Capital, with follow-on investments from Yifeng Capital and Yueyin Medical Fund. The proceeds from the financing will be used to advance the Phase I clinical study of the company’s core project, GT919, as well as to support clinical trial applications for projects in oncology and autoimmune diseases, and to develop subsequent pipeline candidates.

Less than five months ago, BiaoXin Biomedical Technology (Shanghai) Co., Ltd. had just announced the completion of its angel round financing, led by Puheng Guoxin and participated in by Pangu Ventures, Shenghui Capital, and Dynamic Balance Capital. The concentrated endorsement from listed pharmaceutical companies, industrial funds, and financial investment institutions underscores the industry’s optimism toward protein degradation technologies and its recognition of BiaoXin’s technical strength and development prospects.

BiaoXin Biomedical, established in 2020, is a novel drug R&D company dedicated to developing potential “first-in-class” or “best-in-class” protein degraders for the treatment of cancer and autoimmune diseases via oral administration.Dr. Yang Xiaobao, Chairman and Chief Executive OfficerA senior expert in the design of protein degraders and medicinal chemistry, with extensive experience in small-molecule protein degrader development. Previously worked at multinational pharmaceutical companies, domestic pharmaceutical enterprises, and leading laboratories both in China and abroad.

Targeted Protein Degradation (TPD) is a highly innovative and challenging frontier technology. Its unique characteristics, such as requiring only catalytic activity rather than high-affinity binding pockets, enable it to target various undruggable targets and overcome multiple mechanisms of resistance associated with small-molecule drugs. Furthermore, its efficacy at lower doses has made TPD a standout focus in the small-molecule novel drug development market in recent years.

Since its establishment, BiaoXin Biomedical has deeply laid out in the field of protein degradation. Its product line includesMolecular GlueandProteolysis-Targeting ChimeraIn the two major fields of (proteolysis targeting chimera), key team members possess unique insights and extensive practical experience in crystal structure analysis and structure-activity relationship optimization. The company currently boasts GLUETACS™, an internationally leading targeted protein degradation drug technology platform, which organically integrates medicinal chemistry with artificial intelligence and DNA-encoded library technology. It is dedicated to developing orally available drugs that target undruggable targets or address drug-resistant mutations and refractory diseases, thereby meeting significant unmet clinical needs.

Molecular glues are small-molecule compounds that induce, stabilize, or enhance the interaction between E3 ubiquitin ligases and neo-substrates, thereby leading to the degradation of these neo-substrates. Immunomodulatory imide drugs (IMiDs) represent the most extensively studied class of molecular glues. By binding to the CRBN E3 ubiquitin ligase, they create novel contact interfaces for the ubiquitination and subsequent degradation of neo-substrates, including IKZF1, IKZF3, CK1α, and GSPT1, among up to 13 reported neo-substrates.

BiaoXin Biomedical has developed a series of molecular glues based on the GLUETACS™ platform, which are a novel class of CRBN E3 ligase modulators (CELMoDs). These agents enable the targeting of previously undruggable proteins by facilitating the intracellular degradation of disease-related substrate proteins through a unique mechanism that degrades diverse substrates.

Currently, BiaoXin Biotech’s core project, GT919, a molecular glue targeting IKZF1/3 for the treatment of relapsed/refractory multiple myeloma, has nearly completed studies required for Investigational New Drug (IND) application and is expected to enter clinical trials in 2022. GT929, which also targets IKZF1/3, has demonstrated excellent efficacy in animal models of diffuse large B-cell lymphoma. GT939, an IKZF2 degrader, holds significant potential for the treatment of various solid tumors.

Multiple myeloma is a malignant disease characterized by the clonal abnormal proliferation of plasma cells. With nearly 500,000 new cases diagnosed globally each year, it predominantly affects the elderly and is the second most common hematologic malignancy in adults. Currently, first-line clinical recommendations involve induction therapy with agents such as lenalidomide or thalidomide, followed by maintenance therapy using options like lenalidomide, bortezomib, ixazomib, or thalidomide. For relapsed multiple myeloma, current clinical practice primarily relies on combination chemotherapy involving three to four first-line agents; however, there are still no drugs capable of truly extending patient survival. Preclinical studies have demonstrated that GT919 requires only catalytic activity to achieve rapid, potent, and durable substrate degradation. Its extremely high affinity for CRBN enables it to overcome resistance associated with traditional immunomodulatory imide drugs, while exhibiting excellent druggability and oral bioavailability.

Leveraging a deep understanding of CRBN ligase-binding conformations, BiaoXin Biomedical has established a comprehensive library of E3 ligase ligands on its GLUETACS™ platform, conferring a natural advantage in the development of proteolysis-targeting chimeras (PROTACs). The company has currently identified multiple orally bioavailable preclinical candidate compounds that not only exhibit high selectivity for target proteins but also possess immunomodulatory properties. These candidates demonstrate excellent oral activity and have the potential to significantly expand therapeutic applications.

With the financial support from major investment institutions in its Pre-A financing round, BiaoXin Biomedical Technology (Shanghai) Co., Ltd. will accelerate the clinical registration process of its first product, build an internationally influential management team, and enrich its technical reserves in fields such as artificial intelligence and structural biology, thereby further advancing the layout of its product R&D pipeline with differentiated competitive advantages.

Yijing Capital, established in 2015 and headquartered in Shanghai, is a professional investment institution focused on global healthcare, hard technology, TMT (Technology, Media, and Telecom), and mass consumer sectors, while also managing fund-of-funds investments in these areas. Adhering to the philosophy of “helping enterprises innovate and grow, promoting industrial optimization and upgrading, and driving social development and progress,” the firm has grown to manage assets totaling RMB 6 billion, with seven portfolio companies recognized as industry unicorns. Many of Yijing Capital’s portfolio companies have developed into influential leaders in their respective niches. In the healthcare sector, these include Hanyu Medical, TAIXI Group, Optimum Biopharmaceuticals, ZhiDao Bio, Weier’nuo Pediatrics, and MedSci; in hard technology, Biren Technology, Qianxun Spatial Intelligence, Leapmotor, and Lightelligence; and in TMT and mass consumer sectors, Tasogare Coffee, Zhiketong, and Kaijie E-commerce.

Yifeng Capital is among the earliest specialized biomedical investment firms in China. Its investment team comprises PhDs in biomedical sciences from top-tier universities both domestically and internationally. Focusing on global venture capital (VC) and private equity (PE) investments in the biomedical sector, Yifeng Capital has successfully facilitated the public listings of numerous portfolio companies. Owing to its outstanding investment performance and robust investment research capabilities, Yifeng Capital has been honored as one of the Top 30 Healthcare Investment Institutions in China by Zero2IPO, recognized among the Top 10 Best Exit Cases in the Biopharmaceutical Sector, and acclaimed as China’s Most Dynamic Innovative Drug Investment Institution. It was also featured in an exclusive interview by Nature, a world-renowned scientific journal. Yifeng Capital maintains a strong focus on innovative original drugs and high-end medical devices, deeply identifying high-potential enterprises, driving the industrialization of scientific and technological achievements through capital infusion, and striving for the advancement of life sciences.

Yueyin Healthcare Fund is an investment institution focused on the healthcare industry. Composed of a highly professional team with expertise in both healthcare and investment, the fund is dedicated to advancing the development of China’s healthcare sector by identifying high-growth, innovative startups and enterprises within the industry. Over the past six years since its establishment, Yueyin has invested in dozens of healthcare companies, spanning five key sectors: healthcare services, biopharmaceuticals, medical devices, in vitro diagnostics (IVD), and smart healthcare. With comprehensive coverage across the healthcare industry, Yueyin aims to become a trusted partner for entrepreneurs and investors alike.