InduPro Inc., a biotech company dual-headquartered in Seattle and Cambridge, Massachusetts, has raised an $85 million Series A round.
The company, which announced the round on Thursday, said it will use the funding to get its cancer treatment from preclinical to filing for phase 1 trials in the fourth quarter of 2025.
InduPro also announced former Ribon Therapeutics CEO Prakash Raman has joined the company as CEO. A spokesperson said Raman is the first person to fill the role for the company.
"We are discovering novel targets and best-in class approaches for areas of high unmet need for many cancer and autoimmune patients," Raman said in a release.
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InduPro was founded in 2022. The biotech is focused on protein therapeutics. By moving two or more proteins close to one another, the company says it can find new therapies for a variety of diseases. InduPro lists on its website candidates targeting oncology and autoimmune disease, all of which are either preclinical or in the discovery phase.
Raman spent more than two years at Ribon Therapeutics Inc. before joining InduPro, according to his LinkedIn page. He also worked at Swiss pharmaceutical giant Novartis for almost 14 years, InduPro said in a news release.
Scott Lesley, InduPro's president and chief scientific officer, spent more than four years at Merck & Co., according to his LinkedIn page. He also spent about 19 years at the Genomics Institute of the Novartis Research Foundation.
The Column Group and Vida Ventures led the Series A round, while Merck's MRL Ventures Fund, Emerson Collective and Euclidean Capital participated. In 2022, The Column Group also led the $96 million Series A round of Seattle-based Cajal Neuroscience. The San Francisco-based firm is also an investor in Ribon.
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