Palleon Pharmaceuticals, a Waltham, Mass.-based company pioneering the field of glycan-mediated immune regulation to treat cancer and inflammatory diseases, completed a $100m Series B financing.
The round was led by Matrix Capital Management, with participation from SR One, Pfizer Ventures, Vertex Ventures HC, Takeda Ventures, and AbbVie Ventures, as well as new investor Surveyor Capital (a Citadel company).
The funding will be used to advance the company’s pipeline of drug candidates to human clinical trials.
Led by Jim Broderick, MD, Chief Executive Officer and Founder, Palleon Pharmaceuticals is a biotechnology company developing drugs that target glycan-mediated immune regulation to treat cancer and inflammatory diseases. The company’s proprietary platforms integrate technologies and insights from global scientific leaders in the glyco-immunology field to overcome historical scientific hurdles and create novel therapeutics for devastating diseases characterized by immune system dysfunction. Palleon’s lead program in oncology, an enzymatic sialoglycan degrader, is expected to enter clinical testing in 2021. The company has several other drug discovery programs underway in disease areas where glycan-mediated immune regulation plays a role, including inflammatory diseases such as autoimmunity and fibrosis.