LEXINGTON, Massachusetts — TRIANA Biomedicines, Inc., a biopharmaceutical company developing a target-first and proximity-first molecular glue discovery platform, announced that it has closed an oversubscribed $120 million Series B financing round to advance its pipeline of molecular glue degraders.
The financing was co-led by new investors Ascenta Capital and Bessemer Venture Partners. Additional new participation came from YK Bioventures, Regeneron Ventures, Invus, and Finchley Healthcare Ventures. Existing investors RA Capital Management, Atlas Venture, Lightspeed Venture Partners, Pfizer Ventures, and Surveyor Capital (a Citadel company) also joined the round. As part of the transaction, Lorence Kim, M.D., of Ascenta Capital, and Andrew Hedin, of Bessemer Venture Partners, will join TRIANA’s Board of Directors.
Proceeds will support the development of TRIANA’s lead product candidate, TRI-611, an anaplastic lymphoma kinase–positive molecular glue degrader, through clinical proof of concept in patients with ALK-positive non-small cell lung cancer. Funding will also enable selection of a second development candidate in 2026 and continued expansion of TRIANA’s broader pipeline.
The company noted that despite advances in ALK tyrosine kinase inhibitors, patients with ALK-positive non-small cell lung cancer continue to face challenges related to acquired resistance and tolerability issues. TRIANA aims to address this unmet need with next-generation targeted protein degradation therapies.
“Successful closing of our Series B fundraising represents a major milestone in TRIANA’s mission to innovate therapies for difficult to treat cancers,” said Dr. Patrick Trojer, president and CEO of TRIANA. “We are pleased to have the strong backing of world-class investors and thank both our new and existing partners for their commitment to advancing our mission. We look forward to the clinical development of TRI-611 for lung cancer patients.”
“We’ve long viewed molecular glues as one of the most promising frontiers in targeted protein degradation,” said Andrew Hedin, partner at Bessemer Venture Partners. “We’ve followed TRIANA closely as their world-class team has built a leading discovery engine to unlock this next-generation modality and deliver new therapies to patients. Their rapid execution and lead ALK-positive non-small cell lung cancer program designed to overcome resistance seen with current treatments reflect the kind of bold, science-driven innovation that can transform patient outcomes.”
“We are impressed by TRIANA’s platform, with its target-first approach to rational molecular glue design, and TRI-611, that selectively degrades ALK variants with a compelling pharmacologic profile,” said Dr. Lorence Kim, managing partner and co-founder of Ascenta Capital. “At Ascenta, we are drawn to platforms that unite deep mechanistic insight with clear clinical potential, and we look forward to supporting TRIANA as it grows to support a full clinical development effort to bring medicines closer to patients.”
