PAQ Therapeutics has undergone a bit of a transformation since it last raised private funding nearly four years ago. When it closed its $30-million series A in 2021, the biotech was initially focused on a neurodegenerative disorder and aimed to selectively catalyse autophagy-dependent degradation using autophagosome-tethering compounds (ATTECs).Now, PAQ has turned its degrader focus toward oncology, and it's moving full-steam ahead with a pipeline of KRAS-targeted proteolysis targeting chimeras (PROTACs), rather than ATTECs. The company bagged a $39-million series B on Wednesday to fund clinical studies of its lead candidate, PT0253, and to advance its second asset through IND-enabling studies.The round was co-led by Bayland Capital and MRL Ventures Fund, with participation from Johnson & Johnson Innovation – JJDC, Inc., LAV Fund and BioTrack Capital, as well as existing investor Sherpa Health Partners.Capitalising on KRASThe biotech landed on KRAS as its target of choice after searching for diseases or cell types with autophagy upregulation, PAQ CEO and co-founder Nan Ji told FirstWord. Pancreatic ductal adenocarcinoma (PDAC) was one of the few diseases that fit the criteria, he said. "And since KRAS mutations exist in 80% to 90% of PDAC patients, KRAS naturally became a target of interest," Ji explained. The company then developed KRAS G12D-specific tool PROTACs to evaluate the difference between KRAS degradation and inhibition, but the data were so convincing that PAQ decided to optimise its PROTACs as its main focus in March 2023. The company began a Phase I safety study of lead candidate PT0253, a KRAS G12D PROTAC degrader, last quarter. KRAS G12D has quickly grown in popularity as a target of choice for pancreatic and colorectal cancers, with at least 12 disclosed assets in development, according to a FirstWord analysis (see – Spotlight On: Revolution coming for KRAS G12D).The majority of those programmes, however, are inhibitors. Ji said that preclinical data for PAQ's degraders thus far suggest they have "the potential to address key limitations of KRAS inhibitors."