Neomorph has closed a $100 million Series B financing to advance its Phase 1/2 NEO-811 cancer trial and expand its molecular glue degrader pipeline targeting previously undruggable proteins.

This is primarily a company-led funding announcement with strong forward-looking statements focused on clinical and pipeline development rather than confirmed clinical outcomes.

The financing round was led by Deerfield Management, with participation from Regeneron Ventures, Longwood Fund, Alexandria Venture Investments and Binney Street Capital of Dana-Farber Cancer Institute, alongside other investors. The capital will be used to support the ongoing Phase 1/2 clinical trial of NEO-811 in patients with locally advanced or metastatic non-resectable clear cell renal cell carcinoma (ccRCC), as well as broader pipeline development.

NEO-811 is an investigational molecular glue degrader designed to induce targeted degradation of ARNT, also known as HIF-1β, a protein involved in a central signalling pathway in ccRCC. The programme is currently being evaluated as a monotherapy in a first-in-human Phase 1/2 study assessing safety, tolerability, pharmacokinetics and early anti-tumour activity.

Neomorph co-founder, president and chief executive officer Phil Chamberlain said: “This financing is a testament to the science, strategy, and team we have built at Neomorph, and it provides us with the capital to execute on our most important near-term priorities.” He added that the company remains focused on generating clinical data from the ongoing study, saying: “We remain focused on executing the Phase 1/2 trial of NEO-811 to generate clinical data that will inform continued development, while advancing a broader pipeline of novel molecular glue degraders against targets that have historically been considered undruggable.”

The company plans to deploy proceeds across both clinical development and earlier-stage research programmes aimed at expanding its platform across multiple therapeutic areas. Its approach centres on molecular glue degraders, a drug discovery modality designed to trigger selective protein degradation rather than traditional inhibition.

Deerfield Management, which led the round and holds a board position at Neomorph, highlighted the company’s platform and external partnerships as key validation points. A partner at Deerfield Management and chair of Neomorph’s board of directors said: “We believe that Neomorph has built a differentiated platform with the scientific depth to systematically access a vast new target space, as well as a team with the expertise to translate key findings into compelling drug candidates.” He added: “Additionally, the confidence of leading global pharmaceutical companies, including Novo Nordisk, Biogen, and AbbVie, who have partnered with Neomorph across cardiometabolic disease, rare disease, neurology, oncology, and immunology, speaks to the versatility of this platform and provides multiple potential paths to validation.”

The funding also signals continued investor appetite for platform-based drug discovery companies working on previously inaccessible targets in oncology and beyond. Molecular glue degraders are increasingly viewed as a potential route to expand druggable biology, particularly in cancers with limited targeted treatment options such as ccRCC.

Neomorph’s pipeline strategy combines early clinical validation through NEO-811 with expansion into additional indications and target classes. The company said the new capital will support both near-term clinical execution and longer-term discovery efforts aimed at unlocking additional disease biology.