858 Therapeutics Secures $50M in Series B Round for Innovations
858 Therapeutics Raises $50 Million in Series B Financing
In a significant stride towards advancing its ongoing projects, 858 Therapeutics has successfully secured $50 million in a Series B financing round. This financing, led by Avidity Partners, attracted notable participants such as Insight Partners, Mirae Asset Capital, and Alexandria Venture Investments, along with existing supporters like Versant Ventures, NEA, and Logos Capital.
Strategic Leadership Addition
This financing round also marks the inclusion of Monal Mehta, Ph.D., Managing Director at Avidity Partners, to the company’s Board of Directors, promising to enhance 858 Therapeutics’ strategic direction as it progresses in the biotech landscape.
Advancing Pipeline Initiatives
CEO Jeffrey Stafford, Ph.D., expressed pride in the robust backing from such a distinguished group of life science investors. “The Series B financing stands as a testament to our team’s commitment and the noteworthy advancements we have made in our portfolio, particularly with our PARG inhibitor ETX-19477 now in clinical evaluation,” he stated.
Focus on ETX-19477 Development
With this new capital, 858 Therapeutics aims to propel its pipeline of small molecule therapeutics forward. At the forefront is ETX-19477, a highly selective and potent inhibitor targeting the DNA repair protein PARG. The compound is currently being studied in patients suffering from advanced solid tumors, with ongoing clinical trials expected to yield valuable insights regarding patient responsiveness to PARG inhibition.
Clinical Trials and Future Directions
The Phase 1 trial for ETX-19477 is structured as a multi-center, open-label, dose escalation, and expansion study. This trial is essential for assessing the safety, tolerability, pharmacokinetics, and preliminary efficacy of ETX-19477. Researchers are specifically recruiting patients with particular tumor types and genetic modifications that may increase sensitivity to the treatment.
Next Steps in Development
Upon establishing a recommended dose for further expansion, the company is poised to initiate focused Phase 2 cohorts aimed at specific tumors and biomarkers, thus honing its clinical approach.
Innovative Mechanism of Action
ETX-19477 stands out as a novel small molecule that inhibits PARG, a critical player in DNA repair processes. The inhibition of PARG is believed to trigger hyperPARylation, which can lead to the death of cancer cells undergoing significant replication stress. In various animal models, the compound exhibited impressive tumor growth inhibition, which correlates with specific genetic biomarkers relevant to treatment efficacy.
Broadening Research Horizons
Currently, 858 Therapeutics is conducting the Phase 1 study to understand better how ETX-19477 can benefit patients grappling with advanced solid tumors across multiple research sites. Continuous evaluation of clinical data will be crucial for steering future development pathways.
About 858 Therapeutics
Based in San Diego, CA, 858 Therapeutics is at the forefront of biotechnology and drug discovery, focusing on creating small molecule therapies targeting novel oncology and immunology pathways. The company aims to make significant advancements in critical areas of cancer biology, including DNA damage repair and innate immunity, utilizing extensive drug discovery expertise honed over several decades.
Conclusion and Future Prospects
In summary, 858 Therapeutics is on an upward trajectory with substantial financial backing in its recent Series B financing. As the company advances its pipeline, particularly the promising ETX-19477, stakeholders can look forward to transformative developments within the oncology landscape. The synergy between investors and the management team positions 858 Therapeutics for potential breakthroughs that may change the standard of care for cancer patients.
Frequently Asked Questions
What is the latest financing amount raised by 858 Therapeutics?
858 Therapeutics recently raised $50 million in a Series B financing round.
Who are the key investors in this financing round?
The financing was led by Avidity Partners with participation from Insight Partners, Mirae Asset Capital, Alexandria Venture Investments, and existing investors.
What is the primary focus of 858 Therapeutics?
858 Therapeutics focuses on developing small molecule therapeutics aimed at oncology and immunology targets.
What is ETX-19477?
ETX-19477 is a selective inhibitor of the DNA repair protein PARG, currently being evaluated for its potential efficacy in treating advanced solid tumors.
Where is 858 Therapeutics headquartered?
The company is headquartered in San Diego, CA, a prominent biotech hub.
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