Drug Discovery Company Raises $50 Million (Series B)

858 Therapeutics announced that it has raised $50 million in Series B financing led by Avidity Partners. Insight Partners, Mirae Asset Capital and Alexandria Venture Investments as well as existing investors Versant Ventures, NEA and Logos Capital were involved. As part of the financing, Monal Mehta, Ph.D., managing director at Avidity Partners, will join the company's board of directors.

858 Therapeutics plans to use the proceeds to further develop its pipeline of small molecule therapeutics. The Company's lead compound, ETX-19477, is a potent and selective inhibitor of the DNA repair protein PARG and is being evaluated in patients with advanced solid tumors. Data from the ongoing clinical trial will provide insights to advance ETX-19477 in clinical development and to understand the patients who may benefit most from PARG inhibition.

The Phase 1 study for ETX-19477 is a multicenter, open-label, dose escalation and expansion study to evaluate safety, tolerability, dose, pharmacokinetics, pharmacodynamics and preliminary efficacy. And the dose escalation portion of the study will prioritize patients with certain tumor types and genetic alterations that are likely to cause sensitivity to PARG inhibition. After a recommended dose for expansion has been identified, the company will initiate tumor and biomarker-focused Phase 2 cohorts.

MOST IMPORTANT QUOTES:

“We are pleased to have the strong support of an elite group of life science investors. The Series B funding is a testament to the 858 team and the progress we have made across our portfolio, including advancing our PARG inhibitor ETX-19477 into the clinic.”

-Jeffrey Stafford, Ph.D., CEO of 858 Therapeutics

“858 Therapeutics has an experienced management team with a track record of treating challenging targets. We are excited to work with the company to address unmet needs across a variety of disease types and bring transformative medicines to patients.”

-Dr. Mehta