US-based small molecule drug developer Rapt Therapeutics has closed a $37m extension to a series C round backed by internet and technology conglomerate Alphabet and pharmaceutical company Celgene that now stands at $97m.
T. Rowe Price Associates, The Column Group (TCG), Kleiner Perkins and Topspin Partners also took part in the extension, with Alphabet participating through early-stage investment unit, GV. All the investors previously contributed to the round’s $60m first tranche in December 2017.
Formerly known as FLX Bio, Rapt is developing small molecule drugs intended to modify and influence a patient’s immune response to treat oncology and inflammatory diseases. It was formed in 2015 when biopharmaceutical firm Bristol-Myers Squibb acquired its predecessor company, Flexus Biosciences, for $1.25bn.
The company’s FLX475 program targets multiple cancers while its other key program, RPT193, is focused on atopic dermatitis, a eczematous disease that causes skin to become red and itchy.
Brian Wong, Rapt’s president and chief executive, said: “We continue to advance our pipeline of oral small molecule therapeutics, with proof-of-concept results expected in the first half of 2020 from our FLX475 program targeting multiple cancers and in mid-2020 from our RPT193 program in atopic dermatitis.
“We appreciate the belief in our vision to use our immunology-based drug discovery and development engine to bring new therapeutics to patients in need of safe and effective treatment options, both in cancer and in inflammatory disease.”
The company received $50m in a 2016 series B round featuring Celgene, TCG, Kleiner Perkins predecessor Kleiner Perkins Caufield & Byers and Topspin. Its closed its series A round at $29m but has not disclosed additional details.