US-based cancer therapy developer Day One Biopharmaceuticals received $130m in series B funding yesterday from investors including Access Biotechnology, a subsidiary of conglomerate Access Industries.
RA Capital Management led the round, which also featured Boxer Capital, BVF Partners, Franklin Templeton, Janus Henderson Investors, Perceptive Advisors, Viking Global Investors, Canaan, Atlas Venture and funds and accounts advised by T Rowe Price.
Founded in 2018 and incubated by venture capital firm Canaan, Day One is developing cancer therapeutics for adults and children, and said the series B proceeds will go to furthering drug development and bolstering its search and evaluation technology.
Cash will also be allocated to future launch plans for Day One’s lead product candidate, DAY101, which has entered phase 2 clinical trials for children with a recurrent or progressive low-grade version of a type of tumour called glioma with an activating alteration of the BRAF gene.
Access Biotechnology had joined Canaan and Atlas Venture to provide $60m for the company through a series A round disclosed when it emerged from stealth in May 2020. RA Capital Management partner Derek DiRocco has taken a seat on its board of directors in connection with the latest funding.
Day One CEO Jeremy Bender said: “The completion of this financing will enable us to accelerate and expand our efforts even further. We are thrilled to have the support of this exceptional group of investors, are pleased to welcome Derek to our Board, and look forward to the next chapter of growth for Day One.”
