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Oblique Therapeutics Raises $11M to Advance Drug for KRAS-Mutated Cancer, Expand Globally

NEW YORK – Swedish biotech company Oblique Therapeutics on Wednesday announced that it has raised 98M SEK ($11.4M) in an investment round led by Västra Hamnen Corporate Finance, and plans to use the funds in part to discover selective antibody therapeutics to treat KRAS-mutated cancers.

The company's drug discovery efforts are reliant on its Abiprot platform, which identifies epitopes on proteins that have been historically difficult to target with antibodies. The platform is rooted in proteomics and uses a proprietary molecular reporter system, which Oblique is using to identify high-affinity antibody binding sites within proteins with single amino acid resolution.

Oblique used this platform to develop its lead candidate, dubbed aKRAS, for the treatment of patients with KRAS-mutated colorectal cancer. The company's pipeline also includes a small molecule immunomodulator for advanced, triple-negative breast cancer.

The company will also use the funds to expand its global footprint and grow its pipeline of antibodies to treat various metastatic cancers and other diseases with unmet need. "This fundraising will allow us to reinforce our position as a global industry leader focused on transformative antibody medicines against pain and aggressive cancer," Oblique CEO Owe Orwar said in a statement, adding that next year the company hopes to generate "strong interest" in its drug development efforts among large pharmaceutical companies.