Parabilis Medicines, previously known as FogPharma, has secured $305 million in an oversubscribed series F funding round. The company plans to use these funds to advance its lead asset, zolucatetide, which is an investigational peptide therapy being developed for rare and solid tumors. According to the company's announcement, zolucatetide works by blocking the interaction between β-catenin and T cell factor transcription complexes—a process described as a key event in cancer development.
The new capital will support moving zolucatetide toward a registrational study for desmoid tumors and preparing studies in other tumor types. Additionally, Parabilis intends to invest in its early-stage pipeline, including programs focused on prostate cancer. The fundraising was co-led by RA Capital Management, Fidelity Management & Research Company, and Janus Henderson Investors.
Other biopharmaceutical companies also announced significant fundraising efforts on Thursday. Alveus Therapeutics launched with a $160 million series A round to develop ALV-100, a dual GIPR/GLP-1R agonist targeting obesity that will move into Phase II trials. The company is also working on amylin-related molecules such as ALV-200.
Diagonal Therapeutics raised $125 million in an oversubscribed series B round co-led by Sanofi Ventures and Janus Henderson Investors. The funds will be used for DIAG723, a clustering antibody aimed at treating hereditary hemorrhagic telangiectasia (HHT) and pulmonary arterial hypertension—both linked to dysregulated ALK1 signaling. DIAG723 is expected to enter first-in-human trials for HHT within the year.
EpiBiologics collected $107 million in a series B round backed by Johnson & Johnson and Google Ventures. This investment will help advance EPI-326—a tissue-selective bispecific antibody—into early clinical testing for non-small cell lung cancer and head and neck cancer.
Beacon Therapeutics completed an oversubscribed series C funding round of $75 million. The proceeds are intended for further development of laru-zova, a gene therapy candidate for X-linked retinitis pigmentosa, as well as commercialization preparation.
Protege, an AI company based in New York, raised $30 million through an extended series A round to accelerate product development and broaden its data network into additional domains and formats.
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