US-based miniprotein developer FogPharma completed a $66m series B round on Wednesday featuring property developer Nan Fung Group, internet technology conglomerate Alphabet and pharmaceutical firm WuXi AppTec.
6 Dimensions Capital, the healthcare fund formed by WuXi AppTec and VC firm Frontline BioVentures, led the round, which also included Blue Pool Capital, Horizons Ventures, Leerink Partners, Deerfield Management, Boyu Capital and unnamed non-institutional investors.
Alphabet and WuXi AppTec participated directly through respective subsidiaries GV and WuXi AppTec Corporate Ventures.
Founded in 2015, FogPharma is developing miniprotein treatments for cancer that are intended to mix the targeting power of biologics with small molecules’ ability to penetrate cells.
The series B capital will drive the progress of the company’s lead program, an inhibitor of the beta-catenin protein, into phase 2 development for cancer indications. It plans to advance the candidate into the clinic by the end of 2019.
Krishna Yeshwant, a general partner at GV, will join FogPharma’s board of directors in connection with the latest round, along with 6 Dimensions CEO Leon Chen and entrepreneur Rick Klausner.
The series B followed $11m in seed and series A funding, according to FogPharma, which identified WuXi AppTec Corporate Ventures, Deerfield Management and Boyu Capital as existing investors.