858 Therapeutics announced it raised $50 million in a Series B financing led by Avidity Partners. Participation came from Insight Partners, Mirae Asset Capital, and Alexandria Venture Investments, as well as existing investors Versant Ventures, NEA, and Logos Capital. As part of the funding, 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 advance its pipeline of small-molecule therapeutics. The company’s lead asset, ETX-19477, is a potent and selective inhibitor of the DNA repair protein PARG and is being evaluated in patients with advanced solid tumors. The data from the ongoing clinical trial will provide insights for advancing ETX-19477 through clinical development and for understanding the patients who may benefit most from PARG inhibition.
The Phase 1 trial for ETX-19477 is a multi-center, open-label, dose escalation and expansion study designed to evaluate safety, tolerability, dose, pharmacokinetics, pharmacodynamics, and preliminary efficacy. And the dose escalation portion of the study is preferentially enrolling patients with specific tumor types and genetic alterations that are likely to confer sensitivity to PARG inhibition. After a recommended dose for expansion is identified, the company will initiate tumor- and biomarker-focused Phase 2 cohorts.
KEY QUOTES:
“We are pleased to have strong backing from an elite group of life science investors. The Series B financing is a testament to the 858 team and the progress we’ve made across our portfolio, including the advancement of our PARG inhibitor ETX-19477 into the clinic.”
-Jeffrey Stafford, Ph.D., CEO of 858 Therapeutics
“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.”
-Dr. Mehta
