Plexium, Inc., a San Diego, CA-based biotech company focused on discovering and developing protein degrading therapeutics directed towards historically challenging drug targets, completed a $35M financing.
The round was led by Lux Capital and Pivotal BioVentures, with participation from The Column Group, DCVC Bio and other current investors.
This financing, which is an extension of the company’s Series A from October 2019, raises Plexium’s Series A to $63M and will allow the company to accelerate the advancement of targeted, monovalent degraders through preclinical development, while also supporting research efforts aimed at understanding mechanisms and design principles for monovalent protein degraders.
In connection with the financing, Adam Goulburn, Partner at Lux Capital and Rob Hopfner, Managing Partner at Pivotal BioVentures will join the Plexium Board of Directors. Additionally, Mike Grey, Board Director at BioMarin Pharmaceutical, Mirati Therapeutics, Horizon Therapeutics, and other biotech companies, with over 40 years of experience as an executive, founder and CEO of multiple biotech and pharmaceutical companies, joins the company as an Independent Director and Chairman of the Board.
Led by CEO Swamy Vijayan, Plexium is a biotechnology company focused on discovering and developing protein degrading therapeutics to treat cancer and other serious diseases, utilizing its DELPhe platform to identify novel small molecules that redirect E3 ligases to targets of interest or induce degradation of targets by directly binding to them.