Forma Therapeutics, a US-based blood disease and cancer therapy developer backed by pharmaceutical firms Novartis, Eli Lilly and Merck & Co, closed a $100m series D round yesterday.
The round was led by investment manager RA Capital Management with Cormorant Asset Management, Wellington Management, Samsara BioCapital and funds managed by Janus Henderson Investors also investing, along with an unnamed healthcare investment fund.
Founded in 2007, Forma is developing for haematologic diseases such as sickle cell disease and cancers including acute myeloid leukaemia as well as glioma, a type of tumour found in the brain or spine. It is also working on therapies for non-alcoholic fatty liver disease.
The series D funding has been allocated to the progress of sickle cell disease candidate FT-4202, for which Forma is currently enrolling patients for a phase 1/2 trial, and FT-7051, which targets androgen receptor-driven cancers. Receptors can play a role in prostate and breast cancers.
The cash will also support the development of olutasidenib, which is being investigated for gliomas, relapsed/refractory acute myeloid leukaemia, myelodysplastic syndrome and other certain solid tumours, in addition to several preclinical programs.
Peter Kolchinsky, managing partner of RA Capital, has joined the company’s board of directors in conjunction with the round.
Novartis’ biotech-focused Option Fund provided $4m in series A funding for Forma in 2008 before joining Eli Lilly subsidiary Lilly Ventures in a $28.5m series B round in 2009 that included biopharmaceutical company Cubist Pharmaceuticals – since acquired by Merck & Co – and BioOne Capital.
Forma added $50m from undisclosed investors in January 2012, according to a regulatory filing, before securing another $10m in financing eight months later, according to a separate filing.
