PAQ Therapeutics Secures $39M Series B and Begins Phase 1 Trial for KRAS-Driven Cancer Treatment

PAQ Therapeutics, a biotechnology company located in Burlington, Massachusetts, has successfully closed a $39 million Series B funding round to further develop its promising cancer treatments. This investment round was co-led by MRL Ventures Fund and Bayland Capital, with additional contributions from Johnson & Johnson Innovation – JJDC, Inc., LAV Fund, BioTrack Capital, and Sherpa Health Partners, an existing investor.

The newly acquired funds are earmarked for the progression of PAQ's leading drug candidate, PT0253. This innovative treatment specifically targets the KRAS G12D mutation, a factor in various aggressive solid tumors. PT0253 stands out for its potent and selective degradation capabilities, offering potential superiority over existing treatment options currently in trials. The first quarter of 2025 saw the initiation of a Phase 1 clinical trial, marking the commencement of human dosing to evaluate the drug’s safety and tolerability.

Dr. Nan Ji, the co-founder, President, and CEO of PAQ Therapeutics, expressed enthusiasm about the recent funding and the swift progress of their Phase 1 trial. Dr. Ji emphasized that the financial backing is a testament to the confidence investors have in PAQ's innovative methodology. The company is now focused on implementing a comprehensive clinical development strategy and expanding its portfolio of KRAS degraders.

The funding will also facilitate the advancement of another promising asset in PAQ's pipeline through studies required for an Investigational New Drug (IND) application. Olga Danilchanka, a Partner at MRL Ventures Fund, highlighted the strategic alignment between PAQ’s innovative work in targeted protein degradation and the venture fund’s investment philosophy. Danilchanka expressed confidence in PAQ's capacity to maximize the therapeutic potential of KRAS degraders, which could offer transformative benefits for oncology patients with limited treatment options.

Yuexing Su, the Founding Partner of Bayland Capital, praised PAQ’s pioneering approach and the expertise of its leadership team, citing these factors as key reasons for their investment. Su sees significant promise in KRAS degraders and is eager to support PAQ's future growth and development.

Founded in 2020, PAQ Therapeutics previously completed a $30 million Series A funding round in 2021. Over the past few years, the company has built a proprietary understanding of KRAS biology, which has informed its medicinal chemistry efforts to develop KRAS degrader molecules. These programs are designed to overcome the limitations of current KRAS inhibitors in clinical development, offering potentially more effective and longer-lasting treatment options for patients.

PAQ Therapeutics continues to position itself as a leader in developing next-generation cancer therapies, driven by its commitment to addressing critical gaps in treatment for lethal cancers. With the completion of the Series B funding round, PAQ is well-equipped to advance its clinical trials and make meaningful strides in cancer treatment innovation.