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- FogPharma
FogPharma Valuation, Funding & Investors
FogPharma is valued at $262M as of January 2021.
Last FogPharma valuation
$262M
Undisclosed stage · Jan 2021
Last FogPharma funding round
$145M
Series E · Mar 2024
Cumulative funding FogPharma raised
$530M
across 6 funding rounds
Key investors in FogPharma
GV
Deerfield
T. Rowe Price
Cormorant Asset Management
Casdin Capital
Invus
About FogPharma
FogPharma is a Cambridge, Massachusetts-headquartered biopharmaceutical company developing cell-penetrating mini-proteins for oncology targets. The platform addresses previously undruggable proteins in solid tumors through proprietary Helicon technology advancing toward clinical candidates.
Founded
2015
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$262M (Jan 2021)
Sectors
FogPharma Valuation
FogPharma is currently valued at $262M, based on its undisclosed-stage round in January 2021.
FogPharma's valuation has grown 7.1x from $37M at its Series A in June 2016 to $262M in January 2021, across 3 priced rounds.
FogPharma valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jan 2021 | Undisclosed stage | $262M |
| May 2018 | Series B | $132M |
| Jun 2016 | Series A | $37M |
FogPharma Funding History
FogPharma has raised a total of $530M across 6 funding rounds.
FogPharma's first fundraising round was a $11M Series A in June 2016. The most recent completed round was a $145M Series E in March 2024.
FogPharma funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Mar 2024 | Series E | Nextech Invest (lead) | $145M | - | FogPharma is a clinical-stage biopharmaceutical company developing precision medicines using its Helicon peptide platform, which enables intracellular targeting of previously undruggable proteins through stabilized helical peptides combined with computational physics and AI. The platform targets protein-protein and protein-DNA interactions for diseases like cancer, with lead candidate FOG-001, a first-in-class TCF-blocking β-catenin inhibitor, in Phase 1/2 trials for solid tumors, particularly addressing colorectal cancer pathways. In early March 2024, FogPharma closed a $145 million Series E funding round led by Nextech Invest, with participation from new investors including RA Capital Management, Rock Springs Capital, General Catalyst, Marshall Wace, Samsara Biocapital, Foresite Capital, Symbiosis, Catalio Capital Management, Sixty Degree Capital, and Alex Gorsky (former J&J CEO). Existing investors such as ARCH Venture Partners, Fidelity, GV, Cormorant, T. Rowe Price, Farallon, venBio, Invus, and Milky Way provided strong support. Nextech designated board seat to Alexis Borisy. Proceeds will advance clinical development and commercialization of FOG-001, accelerate the Helicon peptide portfolio, enhance discovery programs against intracellular targets in various diseases, deepen data science capabilities, and strengthen the core platform. CEO Mathai Mammen (ex-J&J R&D head) emphasized delivering FOG-001 to patients and expanding pipeline efforts. Nextech's Thilo Schroeder highlighted the platform's potential to transform cancer therapeutics. Founded in 2015 by Greg Verdine, John McGee, Sir David Lane, and Weiqing Zhou in Cambridge, MA, FogPharma previously raised $178 million in a November 2022 Series D. The Series E reflects crossover interest from late-stage VCs backing both private and public biotechs, positioning the company for further clinical milestones amid challenges in drugging beta-catenin. |
| Nov 2022 | Series D | The Pags Group; Fidelity; GV; HBM Healthcare Investments; Casdin Capital; Invus; T. Rowe Price; Farallon Capital Management; venBio Partners; Cormorant Asset Management; ARCH Venture Partners; Deerfield | $178M | - | FogPharma, a Cambridge, Massachusetts-based biopharmaceutical company founded in 2016 by Harvard chemist Gregory Verdine, develops Helicon polypeptides, a novel class of precision medicines designed to achieve 'universal druggability' by targeting previously undruggable cancer drivers. These spiral-shaped therapies combine small-molecule permeability with antibody-like therapeutic breadth, enabling access to intracellular targets. The company's lead asset, FOG-001, a beta-catenin inhibitor, demonstrated preclinical efficacy in halting tumor growth and causing regression, with plans to file an IND and initiate Phase 1 trials in mid-2023. Additional preclinical programs target TEAD, NRAS, Pan-KRAS, ERG, and Cyclin E1. On November 21, 2022, FogPharma closed a $178 million Series D financing round, following a $107 million Series C in March 2021, bringing total funding to approximately $361-362 million across four rounds. New investors included ARCH Venture Partners, Milky Way Investments (led by Rick Klausner and Yuri Milner), and Fidelity Management & Research Company. Existing participants comprised VenBio Partners, Deerfield Management, GV, Cormorant Asset Management, T. Rowe Price Associates, Invus, Farallon Capital Management, HBM Healthcare Investments, Casdin Capital, and PagsGroup. Proceeds will advance the preclinical pipeline (now at least six assets), build platform capabilities, expand the team (then 98 employees), and support clinical entry for FOG-001. The round underscores investor enthusiasm for FogPharma's platform amid a challenging biotech funding environment, positioning it to address major cancer patient populations with first-in-class therapeutics. CEO Verdine, also chairman, emphasized the potential of Helicon polypeptides as a transformative modality in precision medicine. |
| Jan 2021 | Series C | venBio Partners (lead); GV; HBM Healthcare Investments; Blue Pool Capital; Casdin Capital; Invus; T. Rowe Price; Farallon Capital Management; Cormorant Asset Management; Deerfield; 6 Dimensions Capital | $107M | - | FogPharma is a biopharmaceutical company developing precision medicines using cell-penetrating miniproteins to target previously undruggable cancer-causing proteins and other hard therapeutic targets. In March 2021, it raised $107 million in an oversubscribed Series C round led by venBio Partners, with participation from new investors Cormorant Asset Management, Farallon Capital Management, Invus, T. Rowe Price, HBM Healthcare Investments, Casdin Capital, and PagsGroup, plus existing investors GV, 6 Dimensions Capital, Deerfield Management, and Blue Pool Capital. The funds supported advancement of its leading cancer drug candidates into clinical development. Prior to Series C, FogPharma secured $66 million in a 2018 Series B led by 6 Dimensions Capital with GV, WuXi AppTec Corporate Ventures, Nan Fung Group, Blue Pool Capital, Horizons Ventures, Leerink Partners, Deerfield Management, and Boyu Capital, plus $11 million in seed and Series A funding. The company continued fundraising post-Series C, closing a $178 million Series D in November 2022 led by Arch Venture Partners and Invus, with other participants including Casdin Capital, Cormorant, Deerfield, Farallon, Fidelity, GV, HBM, Milky Way Investments, PagsGroup, and T. Rowe Price. In 2024 it raised $145 million, and by January 2026 (as Parabilis Medicines, formerly FogPharma), completed a $305 million Series F at $821.49 million post-money valuation. |
| Jan 2021 | Undisclosed stage | - | $23M | $262M | FogPharma, a biopharmaceutical company developing Helicon polypeptide therapeutics to target previously undruggable intracellular proteins, closed a $107 million Series C financing round on March 1, 2021. The round was led by investors including 6 Dimensions Capital, Blue Pool Capital, Cormorant Asset Management, Deerfield Management, Farallon Capital Management, GV, Invus, and venBio Partners. This brought the company's post-money valuation to $262.08 million, with a price per share of $14.49 and approximately 7.38 million shares outstanding. The Series C funds supported advancement of FogPharma's lead candidate FOG-001, a first-in-class intracellular TCF-blocking β-catenin inhibitor aimed at solid tumors driven by Wnt pathway dysregulation, as well as expansion of its Universal Druggability platform combining stabilized helical peptides with computational physics and AI. FogPharma's investor base reflected strong backing from prominent biotech funds, positioning it to build a pipeline against key cancer drivers like β-catenin, TEAD, NRAS, Pan-KRAS, ERG, and Cyclin E1. Subsequent rounds included a $178 million Series D in November 2022 at $406.53 million post-money valuation and later financings under its rebranded name Parabilis Medicines, but the 2021 Series C marked a key escalation in targeting oncogene addiction pathways long considered intractable. |
| May 2018 | Series B | 6 Dimensions Capital (lead); Wuxi AppTec; Leerink Partners; GV; Deerfield Capital Management; Blue Pool Capital; Nan Fung Group; Horizons Ventures | $66M | $132M | FogPharma is a Cambridge, Massachusetts-based drug discovery company co-founded in 2015 by Harvard professor and entrepreneur Gregory Verdine, whose laboratory invented cell-penetrating miniproteins. The company focuses on developing fundamentally new treatments for cancer and other life-threatening diseases, with early emphasis on drugging intractable drivers of cancer and pharmacological management of the immune response. FogPharma closed a $66 million Series B financing in May 2018 led by 6 Dimensions Capital, with participation from new investors including Blue Pool Capital, Horizons Ventures, Nan Fung Group, Leerink Partners, and GV (formerly Google Ventures), alongside existing investors Deerfield Management, Boyu Capital, and WuXi AppTec Corporate Ventures. The post-money valuation was $131.82 million. The financing brought total funding to $77 million when combined with prior seed and Series A rounds. Proceeds were designated to advance FogPharma's beta-catenin inhibitor program for cancer indications involving the Wnt pathway, which is activated by mutations in nearly all colorectal cancers as well as certain liver, breast, prostate, endometrium, and lung cancers, with the goal of bringing the first product to the clinic by the end of 2019. Gregory Verdine has a track record of founding multiple biotech companies including Wave Life Sciences, Enanta, Aileron, and Gloucester Pharmaceuticals, which was acquired by Celgene in 2010. |
| Jun 2016 | Series A | Deerfield (lead) | $11M | $37M | FogPharma, a biopharmaceutical company pioneering cell-penetrating miniproteins for previously undruggable targets, completed a Series A financing round on May 25, 2016, raising $11.11 million led by Deerfield Management at a post-money valuation of $37.05 million. The round contributed to early funding alongside seed investment, totaling $11 million prior to later raises. Founded in 2016 by Harvard professor Gregory Verdine, the Cambridge, Massachusetts-based company focuses on precision medicines targeting cancer drivers like beta-catenin and Cbl-b inhibitors. Deerfield Management was a key early backer, participating in subsequent rounds including Series B ($66 million in 2018), Series C ($107 million), and later financings. The early capital supported platform development for Helicon peptide therapeutics aimed at Wnt pathway cancers and immuno-oncology. FogPharma has since advanced programs like FOG-001 into clinical stages and raised over $360 million total across multiple rounds. |
Who has invested in FogPharma?
20 investors have backed FogPharma across its funding rounds, including GV, Deerfield, T. Rowe Price, Cormorant Asset Management, Casdin Capital and Invus.
Lead investors include Nextech Invest, venBio Partners, 6 Dimensions Capital and Deerfield.
FogPharma Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Participant | May 2018 | ||
| 3 | Lead | Jun 2016 | ||
| 2 | Participant | Jan 2021 | ||
| 2 | Participant | May 2018 | ||
| 2 | Participant | Jan 2021 | ||
| 2 | Participant | Jan 2021 | ||
| 2 | Participant | Jan 2021 | ||
| 2 | Participant | Jan 2021 | ||
| 2 | Lead | Jan 2021 | ||
| 2 | Participant | Jan 2021 | ||
| 2 | Lead | May 2018 | ||
| 1 | Participant | Nov 2022 | ||
| 1 | Participant | May 2018 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialFogPharma Competitors
FogPharma competitors include listed companies like Macrogenics, Starpharma and Lineage Cell Therapeutics, and private ones like Immune-Onc Therapeutics, Emerzene Inc and Tavotek Biotherapeutics.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $262M | - | ||
| Publicly listed | $150M | ($66M) | $262M | 1.0x | ||
| Publicly listed | $9M | ($5M) | $261M | 24.2x | ||
| Private | - | - | $261M | - | ||
| Private | - | - | $263M | - | ||
| Publicly listed | $15M | ($70M) | $260M | 15.9x |
FogPharma Public Comps
FogPharma is still privately-owned, but its public comps include Macrogenics, Starpharma, Lineage Cell Therapeutics, Lyell Immunopharma, Dishman Carbogen Amics, Oryzon Genomics, AFT Pharmaceuticals, ProQR Therapeutics, Bicycle Therapeutics and AC Immune.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $150M | ($66M) | 0.8x | 1.0x | (1.9x) | - | |||
| $9M | ($5M) | 29.6x | 24.2x | (49.8x) | (111.0x) | |||
| $15M | ($70M) | 14.5x | 15.9x | (3.0x) | (6.1x) | |||
| $36K | ($276M) | 2714.8x | 5488.9x | (0.4x) | (0.5x) | |||
| $300M | $60M | 1.6x | - | 8.0x | - | |||
| - | ($6M) | - | 34.6x | (39.8x) | (31.0x) | |||
| $144M | $16M | 2.0x | 1.8x | 17.5x | 15.6x | |||
| $18M | ($47M) | 8.2x | 7.9x | (3.2x) | (2.3x) | |||
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Common questions about FogPharma
| When was FogPharma founded? | FogPharma was founded in 2015. |
| Where is FogPharma headquartered? | FogPharma is headquartered in United States. |
| Is FogPharma publicly listed? | No, FogPharma is a private, VC-backed company. |
| What is FogPharma's valuation? | FogPharma was last valued at $262M in its undisclosed-stage round in January 2021. |
| How much funding has FogPharma raised? | FogPharma has raised $530M across 6 funding rounds. |
| What was FogPharma's last funding round? | FogPharma's last funding round was a $145M Series E in March 2024, led by Nextech Invest. |
| Who are FogPharma's investors? | FogPharma's investors include GV, Deerfield, HBM Healthcare Investments, Blue Pool Capital, Casdin Capital, Invus, T. Rowe Price, Farallon Capital Management, venBio Partners, Cormorant Asset Management and 10 others. |
| Which companies are comparable to FogPharma? | Companies comparable to FogPharma include Immune-Onc Therapeutics, Macrogenics, Starpharma, Emerzene Inc, Tavotek Biotherapeutics and Lineage Cell Therapeutics. |
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