Molecular glue-focused biotech f5 Therapeutics has failed to stick around for the long haul, shuttering after six years, according to an announcement from the company’s CEO on LinkedIn.
“The past few years have been brutal for early‑stage biotech, with funding for young platforms at multi‑year lows and dozens of startups shutting their doors despite strong science,” f5 founder Gary Choy wrote this week.
Indeed, the sector has experienced a prolonged bear market, compounded by federal and geopolitical instability last year. The recent volatility, particularly around regulatory changes, has prompted some investors to step back from the industry.
“Against that backdrop, we pushed as hard as we could, for as long as we could,” Choy continued.
Despite the California biotech’s best efforts, f5 is winding down, he wrote. The executive went on to thank those who believed in the biotech, citing investment from Viva BioInnovator and an award from pharma Servier, among others.
“Your support gave our platform a real shot,” Choy wrote.
According to LinkedIn, the biotech employed up to 10 employees.
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F5 Therapeutics was aiming to reshape drug discovery using its NExMods (Neosubstrate Expression Modulators) platform to identify new disease targets. The novel molecular glue approach was intended to help develop treatments across numerous therapeutic areas, such as oncology, immuno-oncology, fibrosis, inflammation and neurodegeneration.
Molecular glues are designed to help unlock new therapeutics for notoriously hard-to-treat conditions, with pharmas such as Pfizer, Novartis, Roche, Gilead and Eli Lilly all hopping aboard with deals to access the science in the last few years.
As for f5, the biotech also touted work in antibody-drug conjugates. None of its programs advanced beyond in vivo studies.
“To my fellow entrepreneurs in biotech and beyond: keep going,” Choy concluded in the post. “The sector data may be discouraging, but progress only happens because people are willing to do hard things with uncertain outcomes. I’m proud of what we tried to build, and I’m cheering you on in your own journeys.”
