PR88023

BEIJING, Feb. 9, 2021 /PRNewswire=KYODO JBN/ --

- The funds will be used to tackle undruggable targets

neoX Biotech, a next-generation biotech company specializing in computational

design for novel drug research and development, recently announced that it had

raised US$30 million in Series A funding. The financing was co-led by Sky9

Capital and 5Y Capital (formerly known as Morningside Venture Capital), with

participation from BAI Capital and Vertex Ventures alongside existing investors

Vision Plus Capital and Sequoia Capital China.

The funds will be mainly used to enhance its artificial intelligence

(AI)-driven novel drug R&D platform, accelerate the preclinical development of

several new medicine pipelines and expand international business cooperation.

neoX's value creation in AI-enabled new drug R&D is based on the underlying

computable logic of biological systems and drug action. With this guiding

principle in mind in tandem with the goal of studying and characterizing

protein-protein interactions (PPI), the company has developed a sophisticated

innovative drug R&D platform that integrates AI, biophysics and high-throughput

experiments. neoX has achieved demonstrable preclinical progress in several

innovative drug pipelines derived from this platform, with the expectation of

soon producing some first-in-class and best-in-class drugs. In 2020, neoX

garnered the Best Innovation award from MIT Technology Review China for major

technological breakthroughs in new drug research and development.

"We are focusing on cutting-edge drug modalities, such as multispecific

molecules and biologics," said Dr. Michael Chen, co-founder and CEO of neoX,

"We use our next-generation neoPlatform to design new drug modalities and to

truly 'think out of the box', in an effort to address undruggable targets."

In terms of bispecific molecules commonly used for protein degradation

technology, through an in-depth study of PPI, neoX can accurately predict the

ternary complex of target protein, bispecific molecule and ubiquitin ligase,

gain a deeper and more comprehensive understanding of the biophysical

principles of protein action and degradation, and enable efficient design,

screening and iterative optimization of protein degradation drugs. In the field

of macromolecular drugs, Dr. Chen said that neoX designs and develops

nanobodies, multispecific antibodies and neoantigen-T cell receptors.

With its leading interdisciplinary novel drug R&D platform, neoX is expected to

conquer the pain point of undruggable targets while accelerating the research

and development of innovative drugs, in a move to meet unmet clinical needs and

eventually bring innovative therapeutics to patients.

Contact: info@neoxbiotech.com

SOURCE  neoX Biotech