Triana Biomedicines Secures $120M Series B for Molecular Glue Degrader Development

Triana Biomedicines has successfully closed a $120 million series B funding round, positioning the company to advance its innovative molecular glue degrader platform into clinical trials. The financing, co-led by Ascenta Capital and Bessemer Venture Partners, brings together a mix of existing and new investors to support Triana's mission of developing novel therapies for difficult-to-treat cancers.

Funding Details and Investor Lineup

The substantial investment round saw participation from returning backers including Pfizer Ventures, RA Capital Management, Atlas Venture, Lightspeed Venture Partners, and Surveyor Capital. New investors YK Bioventures, Regeneron Ventures, Invus, and Finchley Healthcare Ventures also joined the round, underscoring the growing interest in Triana's approach to targeted protein degradation.

As part of the financing, Ascenta Capital's Lorence Kim, M.D., and Bessemer's Andrew Hedin have been appointed to Triana's board of directors, bringing additional expertise to guide the company's strategic direction.

Clinical Advancement of Lead Candidate

The primary focus for the newly secured funds is the clinical advancement of Triana's lead candidate, TRI-611. This anaplastic lymphoma kinase (ALK)-targeted molecular glue degrader is being developed for the treatment of ALK-positive non-small cell lung cancer (NSCLC). The company aims to address the challenge of resistance seen with current treatments, potentially offering a new therapeutic option for patients with this specific form of lung cancer.

Patrick Trojer, Ph.D., CEO of Triana, emphasized the significance of this funding milestone, stating, "Successful closing of our series B fundraising represents a major milestone in Triana's mission to innovate therapies for difficult-to-treat cancers."

Expanding the Molecular Glue Pipeline

Beyond pushing TRI-611 into the clinic, Triana plans to leverage the series B funding to expand its preclinical pipeline. The company intends to select a second candidate from its portfolio of genomically defined molecular glue degraders for prioritization and further development.

Andrew Hedin of Bessemer Venture Partners expressed enthusiasm for Triana's approach, noting, "We've long viewed molecular glues as one of the most promising frontiers in targeted protein degradation. We've followed Triana closely as their world-class team has built a leading discovery engine to unlock this next-generation modality and deliver new therapies to patients."

This latest funding round builds on Triana's existing partnership with Pfizer, established a year ago with a $49 million upfront payment. The collaboration focuses on developing potential therapies across several disease areas, with a particular emphasis on oncology.