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–Series B co-led by MRL Ventures Fund (MRLV) and Bayland Capital, with participation from Johnson & Johnson Innovation – JJDC Inc., LAV Fund, BioTrack Capital, and Sherpa Health Partners–

–First patient dosed in Phase 1 clinical study of lead candidate PT0253, a potent, selective KRAS G12D degrader–

BURLINGTON, Mass., May 7, 2025 – PAQ Therapeutics, a biotechnology company developing best- and first-in-class KRAS degraders for patients with lethal cancers lacking effective treatment options, today announced the completion of its $39 million Series B funding. The Series B round was co-led by Bayland Capital and MRL Ventures Fund (MRLV), with participation from Johnson & Johnson Innovation – JJDC, Inc. (JJDC), LAV Fund, BioTrack Capital, and existing investor Sherpa Health Partners.

The capital raised will fund PAQ’s next stage of clinical development for the company’s lead asset PT0253, a potent and selective degrader of KRAS G12D, a known driver for a range of solid tumors. PT0253 has demonstrated best-in-class potential based on preclinical comparison to existing agents currently in clinical development targeting the same KRAS mutant. In Q1 2025, the first patient was dosed in Phase 1 study to assess its safety and tolerability.

“The successful completion of our Series B funding and rapid enrollment of our Phase 1 trial in the US for PT0253 mark significant steps forward in our clinical development efforts,” said Nan Ji, PhD, PAQ’s co-founder, President, and CEO. “The strong support from our investors validates the potential of our innovative approach. We now turn our focus to executing a robust clinical development plan while continuing to develop a differentiated pipeline of KRAS degraders.”

The funds will also support the advancement of the company’s second asset through IND-enabling studies.

“PAQ represents a compelling opportunity to develop transformative therapies for oncology populations with high unmet need,” said Olga Danilchanka, Partner, MRLV, the therapeutics-focused corporate venture arm of Merck & Co. “Their innovative efforts advancing the targeted protein degradation modality aligns with our commitment to backing scientifically rigorous teams that tackle pressing medical challenges. We’re confident in PAQ’s ability to unlock the full potential of KRAS degraders and are proud to support their journey toward achieving clinical impact.”

“The team at PAQ is at the forefront of an innovative approach to treat some of the most underserved patient populations in oncology,” said Yuexing Su, Founding Partner, Bayland Capital. “We were attracted to PAQ based on its scientific approach, preclinical data, and experienced leadership team. We believe there is tremendous potential for KRAS degraders and are excited to be part of PAQ’s next stage of growth.”

PAQ Therapeutics was founded in 2020 and completed a $30M Series A financing in 2021. Over the last three years, the PAQ team gained proprietary understanding of KRAS biology, which guided medicinal chemistry to identify KRAS degraders. These programs have the potential to address key limitations of clinical-stage KRAS inhibitors, offering more effective and durable treatments.

About PAQ Therapeutics

PAQ Therapeutics is a clinical-stage biotechnology company developing best- and first-in-class KRAS degraders for lethal cancers lacking effective treatment options.

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–Expansion of leadership to facilitate robust clinical development strategy, progress company pipeline of potent and selective KRAS degraders–

BURLINGTON, Mass., May 7, 2025 – PAQ Therapeutics, a biotechnology company developing best- and first-in-class KRAS degraders for lethal cancers lacking effective treatment options, today announced that Andrew Krivoshik, MD, PhD, has joined the company as Chief Medical Officer (CMO). He will play a critical role during a key year for the company as PAQ advances its lead asset PT0253, a selective KRAS G12D degrader progressing in the clinic, and a second asset through IND-enabling studies.

“We are excited to welcome Dr Andrew Krivoshik to the team, as he brings a wealth of experience in delivering much-needed oncology medicines to patients, in addition to a strong understanding of the unmet need that currently exists in KRAS-driven cancers,” said Nan Ji, PhD, Co-Founder, President and CEO, PAQ Therapeutics. “With Andrew’s strategic guidance, and advisory board additions of industry and academic experts Drs Eric Rubin and Piro Lito, we strongly believe that we have the right team and a clear path forward to advance a compelling pipeline of KRAS degraders.”

Dr Krivoshik brings extensive development experience across a range of therapeutic modalities spanning small molecules, antibodies, protein degraders, gene therapies, oncolytic viruses, and others. He has had a distinguished career in the development of new medicines for patients marked by the successful leadership of multidisciplinary teams, which played a significant role in the approval of multiple oncology products – XTANDI®, XOSPATA®, PADCEV®, and VYLOY®.

“I am thrilled to join the company as PAQ develops the next wave of KRAS degraders,” said Andrew Krivoshik, CMO, PAQ Therapeutics. “PAQ is uniquely positioned to potentially translate an innovative approach into meaningful therapies for patients with a range of cancers driven by KRAS mutations. I look forward to working with the team and clinical investigators to advance our pipeline, shape our clinical strategy, and ultimately, bring transformative treatment options to those who need them the most.”

Prior to joining PAQ Therapeutics, Dr Krivoshik served as the Chief Medical Officer at Frontier Medicines. He also held several senior leadership positions at Astellas Pharma Global Development, where as President and Head of Development, he was responsible for managing global clinical development activities and functions, as well as the design and implementation of clinical studies. Dr Krivoshik earned his MD and PhD from the University of Illinois at Urbana-Champaign and a BSE from Princeton University.

PAQ also announced the addition of two new advisors to help guide the company as additional pipeline assets advance to the clinic:

  • Eric H. Rubin, MD, joins as the Chair of the Clinical Advisory Board. Dr Rubin has focused on cancer drug development for more than 30 years. Prior to retiring in late 2023, he led the oncology early clinical development team at Merck Research Laboratories. Dr Rubin was instrumental in the initial development of pembrolizumab – the first anti-PD-1 approved in the US.
  • Piro Lito, MD, PhD, joins as a Scientific Advisor. Dr Lito is an expert in understanding how RAS mutations drive tumor growth and has developed several RAS-directed therapies.  

“PAQ is at the forefront of pioneering efforts geared to treat some of the most underserved patient populations in oncology,” said Dr Rubin. “Degraders offer a compelling means to target KRAS-containing tumors, and I look forward to working with the team at this important stage in development.”

“I am thrilled to be a part of PAQ’s growth during such a pivotal moment in the company’s evolution,” said Dr Lito, Member and Professor at Memorial Sloan Kettering Cancer Center. “Targeting KRAS through targeted protein degradation holds tremendous promise in addressing the challenges associated with targeting KRAS-driven cancers. I am excited to work alongside such a talented scientific team to help bring forward novel therapies that can improve patient outcomes.”

About PAQ Therapeutics

PAQ Therapeutics is a clinical-stage biotechnology company developing best- and first-in-class KRAS degraders for lethal cancers lacking effective treatment options.