Plexium Secures $28 Million Series A Financing to Advance DELPhe Platform for Targeted Protein Degradation Therapies

On October 18, 2019, VCBeat (WeChat Official Account: vcbeat) learned that U.S. biotechnology company Plexium announced the completion of a $28 million Series A financing round. The round was co-led by DCVC Bio and The Column Group, with participation from MVentures, CRV, and Neotribe Ventures. Previously, Plexium completed a seed funding round on February 1, 2018, solely invested by CRV.

This round of financing will be used to further advance the development of Plexium’s DELPhe platform and build its small-molecule pipeline. These small molecules modulate E3 ligases to selectively enhance and degrade protein targets. The disease-specific profiles of required protein modulation are derived from observations in human clinical trials and translational biomarkers. By simultaneously screening millions of small molecules for their effects on cellular RNA and protein levels, compounds with the desired activity are selected as therapeutic candidates for oncology and neurodegenerative diseases. The DELPhe platform enables healthcare professionals to discover novel E3 ligase-modulating therapies for the treatment of cancer and neurodegenerative disorders.

Plexium’s strategy using the DELPhe platform differs from other approaches targeting protein degradation. While other strategies require prior knowledge of small molecules that degrade the target protein, the DELPhe platform leverages target-specific degradation assays and phenotypic screening to identify small molecules that reduce target protein levels in cells. This creates an opportunity to identify small molecules through screening methods without requiring a known drug target, thereby eliminating the need for prior understanding of molecules that bind to the target.

Dr. Kandaswamy Vijayan, Founder and CEO of Plexium, stated, “Redirecting E3 ligases to induce protein degradation is an exciting therapeutic approach with significant potential for creating safe and effective new drugs. The levels of the vast majority of proteins in cells are regulated by E3 ligases, including those considered ‘undruggable’ disease targets. DELPhe can effectively identify therapeutic small molecules that precisely modulate E3 ligases, thereby gaining control over disease-altering pathways.”

In addition to this financing, Dr. Kiersten Stead, Managing Partner at DCVC Bio, and Dr. Tim Kutzkey, Managing Partner at The Column Group, have also joined Plexium’s Board of Directors.

Kiersten Stead stated, “Plexium is replacing the complex infrastructure surrounding drug discovery with an ultra-high-throughput microfluidics platform, while reducing assay complexity and enhancing chemical diversity. The richness and scale of data that can be generated from the DELPhe platform are poised for significant growth. We are excited to support Plexium’s mission to develop the ultimate tool for drugging undruggable proteins.”

Tim Kutzkey stated, “Plexium represents the most compelling cutting-edge engineering technology, integrating the latest advances in chemistry and biology. We are impressed by the vision behind the DELPhe platform and its applicability to the modulation of E3 ligases. We believe that modulating E3 ligases offers significant opportunities for the development of best-in-class therapeutics. We are excited to support the novel approaches and therapeutic opportunities being pursued by Plexium.”

DCVC Bio was founded in 2011 and is a venture capital firm based in the United States. Its leadership team comprises experienced venture capitalists, technology entrepreneurs, and practicing engineers. The firm primarily invests in startups related to synthetic biology, medicine, and agriculture. To date, its investments have generated hundreds of billions of dollars in market value.

The Column Group (TCG), founded in 2006 and headquartered in San Francisco, USA, is a venture capital firm primarily investing in companies developing biotechnologies. Currently, TCG manages $1.5 billion in assets, has completed 57 investments, and has invested in more than 25 companies, four of which are publicly listed.

(Compiled by Wang Fang)