C4 Therapeutics, Inc., a Watertown, Mass.-based biotechnology company pioneering a new class of small-molecule drugs that selectively destroy disease-causing proteins via degradation, closed a $170m financing.
This included $150m in Series B equity co-led by existing investor Cobro Ventures and new investor Perceptive Advisors and $20m in venture debt by Perceptive Advisors. Additional new equity investors in the round included Adage Capital Management, Axil Capital, Bain Capital Life Sciences, Commodore Capital, 3E Bioventures Capital, HBM Healthcare Investments, Lightchain Capital, Logos Capital, Mizuho Securities Principal Investment, Nextech, RA Capital Management, RTW Investments, Sphera Funds Management, Taiwania Capital Management, Yonjin Venture, and funds and accounts managed by T. Rowe Price Associates, Inc and Janus Henderson Investors. Existing investors also participated.
The company will use the funds to advance multiple degrader drug candidates to human proof-of-concept.
Led by Marc Cohen, Co-Founder, Chairman and CEO, C4 Therapeutics is advancing a new class of small-molecule drugs that selectively destroy disease-causing proteins via degradation using the innate machinery of the cell. This targeted protein degradation approach offers advantages over traditional drugs, including the potential to treat a wider range of diseases, reduce drug resistance, achieve higher potency, and decrease side effects through greater selectivity.
The company’s TORPEDO™ platform combines a chemistry engine, proprietary assays, and high throughput screening with predictive modeling for accelerated, informed, and efficient discovery and design of drug candidates.