USA – Flare Therapeutics, a Cambridge, MA-based biotechnology company targeting transcription factors to discover precision medicines for cancer and other diseases, raised $123M in Series B funding.
The round was led by GordonMD Global Investments LP and Pfizer Ventures, with participation from existing investors Boxer Capital, Casdin Capital, Eventide Asset Management, Invus Financial Advisors, Nextech Invest and Third Rock Ventures and new investors Agent Capital, Eli Lilly and Company, Memorial Sloan Kettering Cancer Center, Novartis, Pavilion Capital and ShangBay Capital. In conjunction with the financing, Craig D. Gordon, M.D., Founder, Chief Executive Officer and Chief Investment Officer of GordonMD Global Investments LP, and Irena Melnikova, Ph.D., Partner at Pfizer Ventures, have joined the Flare Therapeutics Board of Directors.The company intends to use the funds to support a planned clinical trial in 2023 for FX-909, a small molecule inhibitor targeting the PPARG transcription factor, in patients with advanced urothelial cancer, as well as the advancement of a pipeline of novel transcription factor targets in oncology, including nomination of at least one additional development candidate from the company’s research pipeline in 2024.Led by Amit Rakhit, M.D., MBA, President and Chief Executive Officer, and Rob Sims, Ph.D., Co-founder and Chief Scientific Officer, Flare Therapeutics is a biotechnology company which leverages a proprietary engine founded on the identification of novel druggable pockets, or ‘switch sites’, within transcription factor complexes that solve for where to drug and how to tune gene expression to discover small molecule precision medicines for cancer and other diseases. The team has rapidly advanced an emerging pipeline of assets and plans to advance its lead precision oncology program, FX-909, a small molecule inhibitor targeting PPARG into the clinic in 2023 in individuals with locally advanced or metastatic urothelial cancer. 22/03/2023
