TRIMTECH Therapeutics announced that it has raised an additional $14 million in seed funding, bringing the total round to $47 million.
The additional financing was led by Johnson & Johnson’s corporate venture capital organization, Johnson & Johnson Innovation – JJDC, and BGF.
The new investors join existing backers Cambridge Innovation Capital, DDF, M Ventures, Pfizer Ventures, Eli Lilly and Company, MP Healthcare Venture Management, and Cambridge Enterprise Ventures.
TRIMTECH is a biotechnology company developing small-molecule therapies that target and degrade protein aggregates associated with neurodegenerative diseases.
The company’s work is built on decades of academic research into TRIM21, a novel E3 ligase.
TRIMTECH has developed its TRIMTAC and TRIMGLUE degrader platforms to selectively degrade toxic protein aggregates and oligomers while leaving functional monomeric forms of these proteins intact.
The company said this approach could open up new small-molecule treatment strategies for diseases that affect large patient populations.
TRIMTECH said the funding will support the continued development of its proprietary platforms and differentiated portfolio of CNS-penetrant degraders.
Following the seed extension, representatives from JJDC and BGF will join TRIMTECH’s Board as non-executive directors.
KEY QUOTES:
“We welcome JJDC and BGF as investors in our seed financing round and thank them for their support. This additional funding allows us to forge ahead with developing our portfolio of CNS penetrant degraders based on our unique platforms. TRIMTECH has incredibly strong scientific foundations combined with a world leading team augmented by a globally recognised investor syndicate – I’m excited to work with this exceptional group, to deliver the next phase of growth for the company.”
Dr. Nicki Thompson, CEO of TRIMTECH Therapeutics