US-based oncology drug developer Oric Pharmaceuticals has closed a $55m series D round that included pharmaceutical company Taiho, cancer researcher Memorial Sloan Kettering Cancer Center and healthcare provider Hartford HealthCare.
Investment firms Arrowmark Partners and Invus Opportunities co-led the round, which included financial services and investment group Fidelity Management & Research (FMR), Casdin Capital, The Column Group (TCG), TopSpin Partners, OrbiMed, EcoR1 Capital, City Hill Ventures, Kravis Investment Partners and Foresite Capital.
Taiho participated in the round through its corporate venturing unit, Taiho Ventures, while Hartford made its commitment through Hartford HealthCare Endowment. It increased the company’s overall funding to more than $175m
Oric is developing therapies that will target treatment-resistant cancers. The company’s lead drug candidate, ORIC-101, is intended to inhibit a gene regulator responsible for the metabolism and immune response in cells.
In addition to accelerating the development of ORIC-101, proceeds from the round will support the clinical development of a small molecule inhibitor known as CD73.
Taiho Ventures and Memorial Sloan Kettering Cancer Center also took part in Oric’s $50m series C round in February 2018, investing alongside FMR, Trinitas Capital, NS Investment and existing investors TCG, Topspin, OrbiMed, EcoR1 Capital, Kravis Investment Partners and Foresite Capital.
Richard Heyman, co-ounder and chairman of Oric, said: “The support of our investor syndicate strengthens Oric’s foundation and will help Oric achieve its mission of overcoming resistance in cancer.”