BridGene Biosciences Inc has completed a $38.5 million Series B financing by Lapam Capital, Junson Capital, and Dyee Capital.

The platform enables screening small molecules against the whole proteome or a prioritized target in live cells to discover drug candidates for undruggable targets, including cancers.

BridGene's IMTAC can identify hits for targets with shallow binding pockets. BridGene can also identify hits via live cell screening for targets with temporary binding pockets that only form in live cells, such as protein.

Why It Is Important: The company will use the proceeds to develop its chemoproteomic platform IMTAC.

The money will also be used to develop BridGene's leading pipeline project, a covalent TEAD inhibitor, and a few other undisclosed oncology pipeline projects based on the IMTAC platform.

Last year, the company announced a research collaboration and licensing agreement with Takeda Pharmaceutical Company Limited (NYSE:TAK).

The companies will establish up to five drug discovery programs, harnessing BridGene's proprietary IMTAC. Takeda will develop the therapeutic candidates and pursue clinical development. 

BridGene is eligible to receive potential milestone payments over $500 million and sales-based royalties.

Price Action: TAK shares closed at $14.55 on Tuesday.