September 1, 2021
ETERN Therapeutics Announces Completion of Series B Financing to Advance the Protein Liquid-Liquid Phase Separation Technology Platform and Accelerate the Development of Novel Drugs to Target “Undruggable” Proteins
ETERN Therapeutics, a clinical-stage biotech company focusing on developing novel technologies to target “undruggable” proteins, today announced the completion of a Series B financing round. The financing was co-led by GL Ventures and AstraZeneca-CICC Healthcare Fund, with participation from additional new investor Morningside Ventures, along with existing investors Apricot Capital, TF Capital and Anance Asset. Proceeds from this financing are anticipated to be used to enhance the Protein Liquid-Liquid Phase Separation (LLPS) technology platform and advance multiple pipelines through discovery and clinical development.
ETERN, established in October 2018, was co-founded by Dr. Jidong Zhu, formerly a professor in the "Hundred Talents Program" at the Chinese Academy of Sciences. Company's key members came from multinational companies such as Novartis, AbbVie and Sanofi. Based on the team's rich drug development experience, ETERN has built a solid pipeline of innovative products from its LLPS technology platform for "undruggable" targets, including transcription factors and phosphatases. ET0038, an allosteric SHP2 inhibitor developed in-house by ETERN, obtained the IND “STUDY MAY PROCEED” letter from the U.S. FDA in May and IND approval from NMPA in July 2021. IND application for another key product will be submitted in the second half of the year. Several other projects have also entered the PCC (Pre-Clinical Candidate) screening stage.
ETERN has developed a leading-edge Protein LLPS technology platform. The biological phenomenon of protein LLPS has attracted strong attention worldwide. Dr. Zhu and his team have studied this field extensively and published their key research in the top international journals - Cell and Cell Research, setting forth a new strategy for drug development to regulate protein functions by targeting its LLPS with small molecules and providing a new direction for the development of such drugs to target “undruggable” proteins. In the article “Drug Startups Coalesce around Condensates” published by Nature Biotechnology in February 2021, ETERN was introduced as one of the world's early biotech companies focusing on the research and development of protein LLPS drugs.
“We are thrilled by the strong support from AstraZeneca-CICC Healthcare Fund, GL Ventures, Morningside Ventures and our existing investors.” Said Dr. Jidong Zhu, co-Founder and CEO of ETERN, ""Undruggable" targets are closely related to many major diseases. Based on years of basic research, ETERN has built an innovative LLPS technology platform to effectively target the "undruggable" proteins and solve major global unmet medical needs. We welcome more and more outstanding talents with dream, passion and execution power to join us, taking patient health as the top priority, and devoting ourselves to the development of innovative drugs in China."
About ETERN Therapeutics
ETERN Therapeutics focuses on developing global innovative small molecules targeting “undruggable” proteins. With the world-leading Protein Liquid-Liquid Phase Separation (LLPS) technology platform, ETERN has built multiple pipelines and advanced one to the clinical stage to provide new solutions to cancer patients.
About GL Ventures
GL Ventures focuses on early-stage innovative companies in healthcare, software services, consumer Internet, emerging consumer brands and services. The GL Ventures team is passionate about partnering with visionary entrepreneurs to create industry leaders that stand the test of time. GL Ventures is the venture capital arm of Hillhouse Group, and we have been investing with innovators across the world since 2005.
About AstraZeneca-CICC Healthcare Fund
AstraZeneca-CICC Healthcare Fund is a private equity fund jointly initiated by AstraZeneca and CICC Capital, focusing on investment in the medical and healthcare industry. Integrating AstraZeneca's global healthcare industrial advantages and CICC Capital's rich capital operation experience, the fund focuses on the investment fields such as Medicine and biotechnology, Diagnostic techniques, Medical devices as well as Digital health and service, committed to gathering resources to provide portfolio companies with full-cycle support from R&D to commercialization and promoting the development of medical and healthcare innovation in China.
About Morningside Ventures
Morningside Ventures was founded in 1986 in Boston by the Chan Family of Hong Kong. Since its establishment, Morningside has been focusing on trends of the forefront life science and healthcare industries over the world, spreading its business scope and investment footprint over North American, Europe and Greater China. Morningside comprises a group of investment professionals who are entrepreneurial, have deep industry knowledge and profound experience in venture capital management. It is devoted to venturing revolutionary life science technology and service model at early stages. To date, Morningside Ventures has funded over a hundred life science and healthcare startups in China.