Repare Therapeutics, a Canada-based cancer therapy developer backed by pharmaceutical firm Celgene, closed an $82.5m series B round on Wednesday led by Cowen Healthcare Investments, part of financial services group Cowen.
OrbiMed, Redmile, BVF Partners, Logos Capital, Versant Ventures, MPM Capital, Fonds de solidarité FTQ and BDC Capital also contributed to the round, which followed a $68m series A in mid-2017.
Founded in 2016, Repare is working on cancer treatments for genetically defined patient populations intended to work by utilising synthetic lethality, where a combination of detects in their DNA can make tumours vulnerable.
The series B proceeds will support the progress of a product candidate known as RP-3500 into clinical testing in 2020 in addition to a second candidate expected to enter the clinic in the following months.
Lloyd M. Segal, Repare’s CEO, said: “We are pleased to include this exceptional group of new investors along with our strong existing group of shareholders to continue building Repare’s leading position in synthetic lethality and DNA damage repair precision oncology treatments.”
Kevin Raidy, managing partner of Cowen Healthcare Investments, is joining the company’s board of directors along with OrbiMed partner David Bonita.
The series A round was co-led by venture capital firms Versant Ventures and MPM Capital and also featured Celgene subsidiary Celgene Switzerland, BDC Capital’s Healthcare Venture Fund and Fonds de solidarité FTQ.
