Triana Biomedicines has raised $120 million in a series B round that will be used to move its lead molecular glue degrader, TRI-611, into clinical testing for anaplastic lymphoma kinase–positive (ALK+) non-small cell lung cancer (NSCLC).
Financing Details
The financing brings together a group of new and existing investors, with the round co-led by Ascenta Capital and Bessemer Venture Partners.
The syndicate includes returning backers Pfizer Ventures, RA Capital Management, Atlas Venture, Lightspeed Venture Partners, and Surveyor Capital. Newly added participants are YK Bioventures, Regeneron Ventures, Invu,s and Finchley Healthcare Ventures. As part of the transaction, Ascenta Capital’s Lorence Kim, M.D., and Bessemer partner Andrew Hedin have joined Triana’s board of directors.
Use of Funds
The company plans to dedicate the financing primarily toward advancing TRI-611. The candidate is designed as a molecular glue degrader targeting ALK and is being developed for patients with ALK+ NSCLC. A second program from Triana’s preclinical portfolio of genomically defined degraders is expected to be selected for prioritization in 2026. The funding will also contribute to the broader progression of Triana’s discovery and development pipeline.
Executive Commentary
Triana described the funding milestone as a significant step for the organization. “Successful closing of our Series B fundraising represents a major milestone in TRIANA’s mission to innovate therapies for difficult-to-treat cancers,” said Patrick Trojer, Ph.D., the company’s CEO. He added that the organization appreciates the support from both new and existing investors as it prepares the lead program for clinical development.
Hedin noted that molecular glue degraders represent a key area of interest in targeted protein degradation and that Triana’s efforts have been closely observed by the firm. He emphasized the company’s rapid execution and pointed to its lead NSCLC program as an example of its approach to addressing resistance associated with existing therapies.
Kim highlighted Triana’s platform and described TRI-611 as having a selective ability to degrade ALK variants alongside a strong pharmacologic profile. He stated that Ascenta Capital is focused on platforms that combine detailed mechanistic understanding with clinical potential and expressed support for Triana’s planned growth toward full clinical development.
Industry Context
Triana’s work comes amid continued industry activity surrounding molecular glue degraders. A year earlier, Pfizer provided Triana $49 million in upfront funding for research on potential therapies intended for several disease areas, including oncology.
Other pharmaceutical companies have also pursued agreements in this field, including Novartis, Roche, Eli Lilly, and Gilead Sciences, which have each entered partnerships involving molecular glue degrader programs.
The company expects the series B proceeds to help advance TRI-611 toward clinical proof of concept for ALK+ NSCLC while expanding its pipeline beyond the lead candidate.
