FogPharma is renaming itself as Parabilis Medicines, announcing a new corporate identity Monday that reflects the imprint left by CEO Mathai Mammen since joining in 2023.
The name change is the highest-profile sign of Mammen’s tenure, but the former Johnson & Johnson R&D head has also reshaped its workforce, its next cancer programs and the focus of its platform. In an exclusive interview with
Endpoints News
, Mammen said the rebrand acknowledges that the startup is “a very different-looking company than we were 16 months ago” when he started.
Founded in 2016 by biotech entrepreneur Greg Verdine
, Fog is an acronym for “Friends of Greg” referencing the high-net-worth individuals who backed its seed round. Part of the reason for the new name, Mammen said, is Fog couldn’t be trademarked and would sometimes get confused with similarly named Foghorn Therapeutics. Verdine left the board in June, after serving as vice chair for a year to help with the transition.
The Cambridge, MA-based biotech is developing helix-shaped peptide drugs to slip inside cells with more binding power than small molecules. Its lead program, FOG-001, entered the clinic last June, and Mammen said they expect an initial data readout at a medical conference in the first half of 2025.
FOG-001 targets beta-catenin, a hard-to-drug protein that drives many cancer cases, particularly in colorectal, prostate, and melanoma. An ongoing Phase 1/2 study is primarily enrolling late-stage colorectal cancer patients who don’t have other treatment options. Mammen called emerging clinical data “really encouraging,” as he expects to finish dose escalation in the coming months.
“I’ve seen a lot of drug programs,” Mammen said, citing his J&J experience. “I feel like I have an eye for what might work, and this one feels very much like a drug to me.”
Mammen said the company is considering potential pharma partnerships, particularly on FOG-001, which he called “a very complicated program” given the range of cancer types and potential combination therapies that could be tested.
While FOG-001 was headed into the clinic before Mammen arrived, he has been hands-on in selecting Parabilis’ next programs. He’s prioritized its efforts in protein degradation, seeing its peptide approach as well-suited to tackling proteins that small-molecule degraders can’t hit. He highlighted four preclinical programs to watch beyond FOG-001, three of which are respectively degraders of beta-catenin, ERG, and AR. The fourth program is a radioligand therapy in collaboration with Artbio.
Parabilis could soon be selecting development candidates for all of these programs, Mammen said, with the ERG degrader expected to reach that milestone in the next quarter or two. The broad goal is to begin filing INDs for these programs at the end of 2025 and into 2026, he added.
“We’re really excited about these four as diversifying well beyond ‘001,” he said.
With its $145 million Series E round
announced earlier this year
, Parabilis has a cash runway into 2026, Mammen said. The company has raised just over $500 million since its founding.