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The proceeds from the Series B financing round will be used to support the clinical development of multiple promising oncology programs and further advance the company's in-house drug discovery pipeline
Fremont, CA: Healthcare firm Erasca raised USD 200 million in a Series B financing round co-led by ARCH Venture Partners and Cormorant Asset Management. The round was also participated by existing investors City Hill Ventures, Colt Ventures and LifeSci Venture Partners, and new investors global Singapore-based investor EDBI, Invus, Terra Magnum Capital Partners, and other private and strategic investors. The latest round of funding takes the company's total raised capital to USD 260 million.
"We are honored by the magnitude of support from such an impressive syndicate of investors, especially during these turbulent times," said Jonathan E. Lim, M.D., Erasca's chairman, CEO and co-founder. "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."
The proceeds from the Series B financing round will be used to support the clinical development of multiple promising oncology programs and further advance the company's in-house drug discovery pipeline. Erasca identifies itself as a company whose mission is to erase cancer. "We are pleased to continue backing Erasca's terrific team and bold mission," said Kristina Burow, managing director at ARCH Venture Partners. "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."
The company has assembled a robust pipeline of targeted therapies directed at undisclosed targets through in-house drug discovery, as well as ongoing pipeline expansion through collaborations with world-class academic and biopharmaceutical organizations. "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," said Bihua Chen, portfolio manager of Cormorant Asset Management.