Pinnacle Medicines, a biotechnology company with its U.S. office in Wayne, recently closed on an oversubscribed $89 million Series B financing.
The company will use the financing to support the advancement of its lead programs and expand its proprietary peptide discovery platform and research and development capabilities. The company is developing oral peptide therapeutics using proprietary artificial intelligence and physics-based platforms to deliver biologic-level safety and efficacy with the convenience of oral dosing.
“This financing marks an important milestone for Pinnacle Medicines and reflects strong conviction in the transformative potential of oral peptide therapeutics,” Jonathan Wang, Pinnacle Medicines CEO, said. “At Pinnacle, we are building a platform designed to unlock the full therapeutic potential of peptides through oral delivery. With this strong group of investors, we are now focused on translating that vision into clinical proof of concept and delivering transformative medicines for patients.”
LAV and Foresite Capital co-led the round of funding with participation from existing investors and Hankang Capital, Logos Capital, Quan Capital, and RA Capital Management. LAV is a global biomedical venture capital firm that originated in 2008 as a corporate venture subsidiary of Eli Lilly. Foresite Capital is a multistage healthcare, sciences and technology investment firm that funds promising businesses.