Polymed Biopharmaceuticals, Inc., has closed an RMB 15 million series pre-A funding round invested by Zhejiang Sundoc Pharmaceutical Science and Tech Co., Ltd.

The fund from this round will be used for building up and perfecting Polymed’s PROTAC Platform, based on which several PROTAC projects will be carried out to solve the “undruggable targets” problem, and for advancing differentiable drug candidates into preclinical studies.

Doctor Jason Xiang, the CEO of Polymed, believes that the advancement of pharmaceutical industry heavily depends on the breakthrough in technology innovation. The PROTAC approach can clear out the abnormal proteins that cause cancer or autoimmune disease through the proteasome degradation pathway inside the cells, thus may become one important way to solve the “undruggable target” problem. The successful implementation may lead to a new wave of innovative breakthrough in pharmaceutical industry.

Polymed Biopharmaceuticals, Inc., established in 2019, is an innovative drug R&D company with its bases both in Hangzhou, China and Boston, US. Polymed focuses on the field of cancers and autoimmune diseases, and endeavors to develop first-in-class and best-in-class innovative drugs, especially through solving the “undruggable target” problem by bifunctional molecules. Polymed’s three key staff members all have more than 20 years’ R&D experience with leading multinational pharmaceutical companies. Polymed will utilize AI and structural biology to speeding up new drug development process. The key staff had accumulated abundant experience in bifunctional molecules R&D and had developed multinomial linker technology. They have established a compound library that includes more than 100 linkers for screening and optimization. At present, the company is developing its world-leading drug pipeline, and seeks to collaborate with global first-tier biotech companies.

Zhejiang Sundoc Pharmaceutical Science and Tech Co., Ltd is a high-tech enterprise focusing on drug formulation development with long-acting release and targeted release technologies (LAR DDS and TDDS), and has over ten projects under development, which cover four major diseases that seriously endanger human health: malignant tumors, neuropsychiatric diseases, endocrine diseases and cardiovascular diseases. Sundoc is a publicly traded company with more than 100 employees currently.

Sundoc and Polymed’s expertise and research focus highly complement each other, and will expand further cooperation on R&D, sales, business development, etc. in the future, creating strategic synergy that would benefit both companies.