Neomorph Raises $100 Million Series B to Advance Molecular Glue Degrader Pipeline
Neomorph, a San Diego-based biotechnology company developing next-generation molecular glue degraders, has raised $100 million in Series B financing to accelerate the advancement of its proprietary drug discovery platform and clinical pipeline. The financing will support the company’s efforts to develop therapies targeting previously difficult-to-treat diseases, including cancer and other serious conditions, through its molecular glue degrader technology.
The Series B round was led by Deerfield Management, with participation from new investors including Regeneron Ventures, Longwood Fund, Alexandria Venture Investments, and Binney Street Capital of Dana-Farber Cancer Institute. Additional investors also participated in the financing.
Founded in 2020, Neomorph is focused on discovering and developing molecular glue degraders, a class of medicines designed to eliminate disease-causing proteins by directing the body’s natural protein disposal systems toward specific targets. The company’s technology platform aims to address proteins that have historically been considered difficult or impossible to target with conventional drug discovery approaches.
Molecular glue degraders represent an emerging area of pharmaceutical research because they can potentially expand the range of proteins that can be therapeutically targeted. Unlike traditional small-molecule drugs that typically need to bind directly to a target protein’s active site, molecular glues work by bringing disease-associated proteins into contact with cellular degradation machinery, leading to their removal. Neomorph is developing its platform around the discovery of new molecular glue compounds capable of addressing previously inaccessible biological targets.
The company’s Series B funding comes as Neomorph advances its lead programs toward clinical development. The financing will support the ongoing Phase 1/2 clinical trial of NEO-811, a molecular glue degrader program being evaluated for locally advanced or metastatic non-resectable clear cell renal cell carcinoma, a type of kidney cancer. The company will also use the capital to continue expanding its broader pipeline of molecular glue degrader programs.
Neomorph was established by Deerfield Management together with scientific founders including Phil Chamberlain, D.Phil., Eric Fischer, Ph.D., Benjamin Ebert, M.D., Ph.D., and Scott Armstrong, M.D., Ph.D. The company’s founding team brought together expertise in targeted protein degradation, oncology research, and drug discovery.
The company previously raised a $109 million Series A financing in 2020. That round was established by Deerfield Management and supported the advancement of Neomorph’s proprietary targeted protein degradation platform and early therapeutic programs. The earlier financing helped the company build its research capabilities and expand its molecular glue discovery efforts.
The latest investment highlights continued investor interest in innovative approaches to drug discovery, particularly technologies aimed at addressing diseases where existing treatments have limitations. Investors including Regeneron Ventures, Longwood Fund, Alexandria Venture Investments, and Binney Street Capital have backed Neomorph as the company works to translate its molecular glue platform into potential new medicines.
Neomorph’s platform is designed to combine chemistry, biology, and computational approaches to identify new molecular glue degraders. The company has stated that its goal is to create medicines capable of targeting proteins involved in serious diseases, including proteins that have traditionally resisted conventional therapeutic strategies.
The company has also established collaborations within the pharmaceutical industry. Neomorph announced research collaborations with companies including AbbVie and Biogen to discover and develop molecular glue degraders for oncology, immunology, Alzheimer’s disease, rare diseases, and other therapeutic areas. These partnerships reflect broader industry interest in molecular glue technology as a potential source of new drug candidates.
The $100 million Series B provides Neomorph with additional resources to advance clinical programs, strengthen its research platform, and expand its pipeline of molecular glue degrader candidates. The company plans to continue investing in discovery and development activities as it works toward delivering new treatment options for patients with serious diseases.
With backing from Deerfield Management, Regeneron Ventures, Longwood Fund, Alexandria Venture Investments, and Binney Street Capital, Neomorph is continuing to advance its mission of developing molecular glue degraders that could expand the possibilities of precision medicine. The company’s progress reflects growing momentum behind targeted protein degradation as a promising area of biotechnology innovation.
