Parabilis raises $305M to advance Helicon peptide cancer drugs against ‘undruggable’ targets
Parabilis Medicines, formerly known as FogPharma, closed an oversubscribed $305 million Series F round of financing.53
The round was co-led by RA Capital Management, Fidelity Management & Research Company, and Janus Henderson Investors, with participation from a wide syndicate of new and existing life-science investors.527
Parabilis is a clinical-stage oncology company using its Helicon peptide platform to drug historically “undruggable” intracellular targets.538
The new capital will primarily fund continued clinical development of *FOG‑001 (zolucatetide), the company’s lead Helicon peptide and the first and only direct inhibitor of the β‑catenin:
TCF interaction* in the Wnt/β‑catenin pathway.53
Zolucatetide has shown compelling preliminary data in an ongoing Phase 1/2 trial across multiple tumor types, with results presented in Q4 2025.53
Parabilis plans to use the financing to advance zolucatetide toward a registrational trial in desmoid tumors and to continue evaluating it in a broad range of rare and common Wnt/β‑catenin–driven tumors.54
The Wnt/β‑catenin pathway targeted by zolucatetide is implicated in millions of cancer cases annually yet currently lacks any approved therapies.53
Beyond zolucatetide, funds will support Parabilis’ discovery-stage pipeline, including Helicon degrader programs targeting ERG and allosteric AR for prostate cancer, both described as historically intractable targets.5
The Series F round was completed at an increased valuation compared with Parabilis’ prior $145 million financing in early 2024, reflecting investor confidence in the recent data and platform progress.53
Parabilis’ $305 million raise is one of the largest biotech venture financings announced in early 2026, topping multiple other oncology and biotech deals reported the same day.347
CEO Mathai Mammen highlighted that the goal is to build a “pipeline within a product” around zolucatetide while expanding a unique, differentiated pipeline from the Helicon platform to address biology long considered out of reach.5
According to investor commentary, the Helicon platform is viewed as having potential to repeatedly generate first‑in‑class therapies against high‑value, previously undruggable cancer targets, positioning Parabilis to build substantial long‑term value.58
Sources:
2. https://www.marketscreener.com/news/parabilis-medicines-inc-announced-that-it-has-received-305-million-in-funding-from-a-group-of-inv-ce7e59ddde8afe23
3. https://www.biopharmadive.com/news/parabilis-financing-zolucatetide-beta-catenin-cancer-drug/809079/
4. https://www.biospace.com/business/parabilis-heads-biotech-fundraising-frenzy-with-305m-to-advance-cancer-drug
5. https://www.biospace.com/press-releases/parabilis-medicines-announces-oversubscribed-305-million-financing-to-support-ongoing-fog-001-zolucatetide-clinical-development-across-a-broad-range-of-tumors-and-advance-pioneering-pipeline-and-helicon-platform
7. https://www.fiercebiotech.com/biotech/fierce-biotech-fundraising-tracker-26