Pi Therapeutics Secures $19.7M Series B Financing to Advance Novel Multiple Myeloma Therapy Targeting the Ubiquitin-Proteasome System

VCBeat (WeChat Official Account: vcbeat) has learned that on May 29, U.S. local time, biopharmaceutical company Pi Therapeutics announced the completion of a $19.7 million Series B financing round. The round was led by Pontifax, with participation from Quark Venture, GF Securities, Arkin Bio Ventures, CBG, and RMGP Biopharma. Notably, Pontifax and RMGP Biopharma had also participated in Pi Therapeutics’ previous financing rounds.

Following this round of financing, Zafrira Avnur from Quark Venture, Pini Orbach from Arkin Bio Ventures, and Merav Kaye from CBG will join the board of directors of Pi Therapeutics.

Pi Therapeutics is a preclinical-stage biopharmaceutical company founded in 2015 and headquartered in Ness Ziona, Israel. The company aims to develop a novel cancer drug targeting the ubiquitin-proteasome system (UPS). Pi Therapeutics will use these funds to advance the project into the clinical proof-of-concept stage.

The ubiquitin-proteasome system (UPS) is a critical regulator of intracellular protein degradation, involved in the degradation of more than 80% of cellular proteins. Inhibition of the UPS has proven effective in the treatment of multiple myeloma (MM). Currently, the only approved drugs for UPS inhibition are catalytic proteasome inhibitors (PIs), which suppress the UPS by interfering with the functions of multiple protein targets, including the proteasome, p97, ubiquitin-conjugating enzymes, and deubiquitinating enzymes. However, clinical applications have demonstrated that PIs readily induce drug resistance in patients and are associated with significant adverse effects.

Pi Therapeutics’ lead product is a novel small-molecule proteolysis-targeting inhibitor. This small-molecule ubiquitin-proteasome system (UPS) inhibitor offers a unique pathway for preferential targeting of cancer cells by modulating protein homeostasis. Currently, the drug has demonstrated favorable preclinical efficacy in various hematologic and solid tumor models, with all preclinical data to date confirming its safety and efficacy. Upon successful development, the drug is expected to address the limitations of proteasome inhibitors (PIs) and bring significant benefits to patients with multiple myeloma (MM).

Dr. Ori Kalid, CEO of Pi Therapeutics, stated, “We are excited about the potential of our new drug, which offers an effective and well-tolerated alternative for patients with multiple myeloma (MM).”

Pontifax is an Israeli venture capital firm founded in 2004. The firm focuses on investing in companies in the fields of innovative biopharmaceuticals, life sciences, and healthcare.

Quark Venture is a venture capital firm established in 2015 and headquartered in Vancouver, Canada. The firm focuses on equity financing for innovative biotechnology and health sciences companies, with a preference for investing in companies and projects that possess breakthrough technologies.

GF Securities, headquartered in Guangzhou, China, is an investment bank. The firm provides comprehensive equity market services, with investment activities spanning debt, early-stage venture capital, late-stage venture capital, and private equity.

Arkin Holdings is an Israeli venture capital firm dedicated to supporting biopharmaceutical, biotechnology, and medical device technology companies with breakthrough technologies.

CBG, located in South Carolina, USA, provides support to early-stage biotechnology companies and digital health enterprises.

RMGP Biopharma is a fund dedicated to investing in early-stage innovative biologic therapeutics. The firm specializes in investing in companies participating in Israel’s FutuRx incubator and provides strategic and business development support to its portfolio companies to maximize potential returns.

(Compiled by Wang Yi)