858 Therapeutics secures $50 million in series B funding
- 858 Therapeutics has secured $50 million in Series B funding, led by Avidity Partners, to advance its innovative cancer treatment therapies, particularly focused on the DNA repair protein PARG inhibitor, ETX-19477.
- The investment will primarily fund the ongoing Phase 1 trial of ETX-19477, aiming to assess its safety, tolerability, and preliminary efficacy in patients with specific genetic alterations that may enhance sensitivity to PARG inhibition.
- The Series B funding round includes prominent life science investors, affirming the potential of 858 Therapeutics' approach, and positions the company to significantly impact cancer treatment through its experienced management team and strategic focus on novel oncology and immunology targets.
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San Diego-Based Biotech Company Raises Significant Investment to Advance Groundbreaking Cancer Therapy
In a major breakthrough for cancer treatment, San Diego-based biotechnology company 858 Therapeutics has announced that it has secured $50 million in a Series B funding round. This significant investment, led by Avidity Partners, marks a crucial milestone for the company as it continues to develop innovative therapies aimed at combating advanced solid tumors.
A New Era in Cancer Treatment
858 Therapeutics is at the forefront of developing novel small molecule therapeutics, focusing on critical nodes in cancer biology. The company’s lead asset, ETX-19477, is a potent and selective inhibitor of the DNA repair protein PARG (Poly (ADP-ribose) glycohydrolase). This inhibitor holds promise as it can induce hyperPARylation, leading to the death of cancer cells undergoing replication stress.
What is PARG and Why is it Important?
PARG plays a pivotal role in the regulation of DNA repair mechanisms. By inhibiting this protein, ETX-19477 creates an environment where cancer cells are more susceptible to death. In multiple animal models, ETX-19477 has demonstrated potent tumor growth inhibition, which is associated with specific genetic biomarkers. This targeted approach could potentially revolutionize the treatment of advanced solid tumors by identifying patients who are most likely to benefit from PARG inhibition.
The Phase 1 Trial: A Critical Step Forward
The $50 million investment will primarily be used to advance the ongoing Phase 1 trial of ETX-19477. This multi-center, open-label, dose escalation and expansion study is designed to evaluate safety, tolerability, dose, pharmacokinetics, pharmacodynamics, and preliminary efficacy. The trial is particularly noteworthy as it preferentially enrolls patients with specific tumor types and genetic alterations that are likely to confer sensitivity to PARG inhibition.
Once a recommended dose for expansion is identified, 858 Therapeutics plans to initiate tumor- and biomarker-focused Phase 2 cohorts. For more information on the Phase 1 study (NCT06395519), readers can visit clinicaltrials.gov.
The Power of Collaborative Investing
The Series B funding round brings together an elite group of life science investors, including Avidity Partners, Insight Partners, Mirae Asset Capital, and Alexandria Venture Investments. Existing investors such as Versant Ventures, NEA, and Logos Capital also participated in this round. This diverse pool of investors not only underscores the potential of 858 Therapeutics but also provides the necessary resources for further clinical development.
Monal Mehta, Ph.D., Managing Director at Avidity Partners, will join the company's Board of Directors as part of the financing deal. Dr. Mehta expressed excitement about partnering with 858 Therapeutics, stating, “858 Therapeutics has a seasoned management team with a track record of drugging challenging targets. We are excited to partner with the company to help address unmet needs across a variety of disease types in an effort to bring transformative medicines to patients.”
A Seasoned Management Team
858 Therapeutics boasts a seasoned management team with decades of drug discovery experience. The company’s focus on novel oncology and immunology targets expands on this extensive expertise in drug development. By targeting critical nodes in cancer biology such as DNA damage repair, innate immunity, and RNA epigenetics, 858 Therapeutics aims to create transformative therapies that can significantly impact patient outcomes.
Advancing the Pipeline
The $50 million investment will be instrumental in advancing the company’s pipeline of small molecule therapeutics. This funding will enable 858 Therapeutics to continue its groundbreaking research while refining its lead programs. The company’s goal is to bring innovative treatments to patients by addressing unmet medical needs across various disease types.
A Bright Future for 858 Therapeutics
With this significant investment, 858 Therapeutics is poised to make substantial strides in cancer treatment. The company’s commitment to developing novel therapies targeting critical pathways in cancer biology positions it as a leader in the biotech industry. As the clinical trials for ETX-19477 progress, we can expect to see more insights into its efficacy and potential as a life-changing treatment for patients with advanced solid tumors.
In summary, the $50 million Series B funding round for 858 Therapeutics marks a significant milestone in the company’s journey towards revolutionizing cancer treatment. With its innovative approach to targeting DNA repair mechanisms and a seasoned management team, 858 Therapeutics is well positioned to bring transformative medicines to patients worldwide.
