Hibiskus' lead preclinical molecule is a potent, irreversible hybrid cyclic peptide proteasome inhibitor with anticancer properties. The molecule differs structurally from other marketed proteasome inhibitors, according to Lodo. In a clinical trial earlier this year, the candidate proved to be more effective than other marketed proteasome inhibitors in targeting resistant multiple myeloma and mantle cell lymphoma.

Lodo also announced the attainment of exclusive global rights to preclinical proteasome and immunoproteasome inhibitors developed by the Hibiskus co-founders. The rights were previously owned by the University of California, Riverside and Michigan State University.

The two acquisitions set Lodo up to consolidate Hibiskus' proteasome inhibitor portfolio and intellectual property with the company's own expertise and early-stage research, according to the company. One of the Hibiskus co-founders, Michael Pirrung, PhD, serves as a member on Lodo's Scientific Advisory Board.

As part of the deal, Lodo has renamed Hibiskus' lead preclinical molecule from TIR-199 to LODO-141. The company plans to begin clinical testing with candidates from two different initiatives in 2023.