US-based cancer therapeutics developer Ikena Oncology secured $120m today in an oversubscribed series B round led by life sciences investment firm Omega Funds that included pharmaceutical firm Bristol Myers Squibb.
Financial services and investment group Fidelity Management & Research also took part, as did Surveyor Capital, Invus, Farallon Capital Management, BVF Partners, Cowen Healthcare Investments, Atlas Venture, OrbiMed, Logos Capital and HealthCor Management.
Ikena is developing biomarker-driven cancer drugs focused on a target in the KRAS signalling pathway, which is connected to KRAS mutations it says are present in some 30% of cancers, particularly in pancreatic, lung and colorectal cancers.
The company intends to file an investigational new drug application for its lead product candidate, IK-930, in late 2021 in preparation for a phase 1 clinical trial.
Mark Manfredi, Ikena’s president and CEO, said: “This exceptional group of new investors is a welcome addition to our strong existing group of shareholders as we continue to advance and build Ikena’s portfolio of targeted oncology programmes for a wide range of cancer types.”
Jefferies was placement agent for the round while Otello Stampacchia, managing director of Omega Funds, is taking a seat on Ikena’s board of directors. It comes after Atlas Venture and OrbiMed supplied $48m in series A funding for the company in 2017.
