March 12, 2021 -- Monte Rosa Therapeutics has closed $95 million in series C financing to advance its lead development candidate into the clinic, accelerate growth, and bolster its platform capabilities to rationally design and develop small molecule degraders.
Small molecule degradations, or molecular glues, hijack the body's innate ability to degrade proteins. Monte Rosa plans to use this approach to target undruggable proteins that cause or drive the progression of genomically defined diseases, including cancer. The company's molecular glue-based, targeted protein degradation platform can deliver small molecule therapeutics targeting the undruggable proteomic, according to the firm. The lead candidate, as well as other candidates in the pipeline, reprogram ubiquitin ligases to eliminate disease drivers previously deemed undruggable.
Monte Rosa is preparing to initiate investigational new drug (IND)-enabling studies on its lead candidate later this year.
The financing was led by Avoro Capital Advisors.
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