Erasca Raises $200 Million To Combat Cancer

By Noah Long ● Apr 27, 2020
  • Erasca, a company on a mission to erase cancer, announced the completion of a $200 million Series B financing round co-led by ARCH Venture Partners and Cormorant Asset Management

Erasca — a company that is on a mission to erase cancer — announced the completion of a $200 million Series B financing round co-led by ARCH Venture Partners and Cormorant Asset Management. The new investors that participated in the funding include global Singapore-based investor EDBI, Invus, Terra Magnum Capital Partners, and other private and strategic investors. And existing investors City Hill Ventures, Colt Ventures, and LifeSci Venture Partners also participated in the round.

This funding round brings the total capital raised by the company to over $260 million. And Erasca will use the proceeds to support the clinical development of multiple promising oncology programs and further advance the company’s in-house drug discovery pipeline.

Erasca is known for assembling a robust pipeline of targeted therapies directed at undisclosed targets through in-house drug discovery as well as active pipeline expansion through collaborations with world-class academic and biopharmaceutical organizations.

Erasca’s mission is embedded in its name: To erase cancer. The company is energized by recent scientific discoveries in drugging various biological drivers of cancer and is advancing multiple programs that shut down key cancer pathways in order to solve oncology’s hardest problems.

Key Quotes:

“We are honored by the magnitude of support from such an impressive syndicate of investors, especially during these turbulent times. Unfortunately, millions of people still suffer from cancer daily. At Erasca, we are doing everything we can to help these patients live longer and healthier lives by taking an aggressive long-term approach to tackling this disease with leading-edge science and world-class talent. We are immensely grateful to have new and existing shareholders who embrace our mission to erase cancer.”

-Erasca’s chairman, CEO and co-founder Jonathan E. Lim, M.D.

“We are pleased to continue backing Erasca’s terrific team and bold mission. Cancer is a formidable disease. Therefore, Erasca’s team has built an impressive portfolio of potentially first-in-class and best-in-class assets, including successful in-licensing of several key programs to address significant unmet needs. The company has the talent, assets and perseverance to substantially change the trajectory of cancer treatment and improve patient outcomes in a meaningful way.”

-Kristina Burow, managing director at ARCH Venture Partners

“Erasca continues to strengthen and build upon its exciting foundation. I have been impressed by how much progress the Erasca team has made since commencing operations just 18 months ago. I am confident that this team, now armed with an expanded portfolio and a bolstered balance sheet, will continue to execute on the pipeline and develop novel and impactful therapies for patients.”

-Bihua Chen, portfolio manager of Cormorant Asset Management