South Korean biotech startup Prazer Therapeutics, specializing in Targeted Protein Degradation (TPD) technology, has successfully raised approximately USD 19.6 million(KRW 29 billion) in Series B funding.

The funding round was led by Johnson & Johnson Innovation – JJDC, Inc. (JJDC), the corporate venture arm of Johnson & Johnson. Other participating investors included Premier Partners, K2 Investment, Mirae Asset Capital, Quad Asset Management, and STIC Ventures. Additionally, Series A investors such as Company K Partners, Kiwoom Investment, and Smilegate Investment participated as follow-on investors. The newly secured capital will be utilized for drug research and development, as well as global commercialization efforts.

Prazer Therapeutics is a biotech company dedicated to developing novel drugs based on TPD technology. While conventional TPD approaches rely on a specific E3 ubiquitin ligase for protein degradation, Prazer’s proprietary SPiDEM™ platform harnesses multiple E3 ligases, enabling broader and more efficient protein targeting. This innovation overcomes the limitations of existing PROTAC and Molecular Glue-based technologies, allowing the company to target previously inaccessible proteins, including protein aggregates and membrane proteins.

Founded in 2019, Prazer Therapeutics has demonstrated its technological capabilities by winning the 2022 Seoul BMS Innovation Challenge and securing second place in the 2023 Boehringer Ingelheim Innovation Prize in Japan. The company has built a robust drug pipeline leveraging its SPiDEM™ platform, focusing on treatments for neurodegenerative diseases such as Alzheimer’s disease (Tau) and Parkinson’s disease (α-Synuclein), as well as developing oncology therapeutics. Furthermore, Prazer is a member of Johnson & Johnson JLABS, an accelerator program supported by the South Korean Ministry of Health and Welfare for global biotech innovation.

Prazer Therapeutics stated, “With this investment, we plan to accelerate our drug development and commercialization efforts by fostering collaborations with global pharmaceutical companies through joint research and licensing-out agreements.”