US-based oncology drug developer Oric Pharmaceuticals closed a $50m series C round on Wednesday that included Taiho Ventures, the corporate venturing subsidiary of pharmaceutical company Taiho.
Cancer researcher Memorial Sloan Kettering Cancer Center, financial services group Fidelity Management & Research Company, Trinitas Capital, NS Investment, The Column Group, Topspin Fund, OrbiMed, EcoR1 Capital, Kravis Investment Partners and Foresite Capital also took part in the round.
Founded in 2014, Oric is working on drugs for treatment-resistant cancers. Its lead candidate, ORIC-101, is a small molecule inhibitor of the glucocorticoid receptor, which regulates genes responsible for the metabolism and immune response in cells.
The proceeds will go to clinical development of ORIC-101, which is in phase 1 tests for treatment-resistant solid tumours when combined with immuno-oncology and chemotherapy treatments. It will also support work on additional drugs in the company’s pipeline.
Oric has now raised more than $119m altogether, including approximately $15m in a Column Group-led series A round in 2014.
Column Group, Topspin Partners, OrbiMed Advisors, EcoR1 Capital, Foresite Capital and Kravis Investment Partners added $53m in a series B round the following year.
Richard Heyman, Oric’s chief executive, said: “Treatment-resistant cancers are a large unmet medical need. With our series C financing we are very pleased to have both the continued support of our previous investors and expand our investor base with leading investors.
“Their support, combined with Oric’s commitment to discovering and developing new therapeutics targeting cancer, allows the company to build on the strong foundation of our co-founders, advisors and internal team, and provides for long-term success.”