Flare Therapeutics Announces Oversubscribed $123 Million Series B Financing
- Financing round led by GordonMD® Global Investments LP and Pfizer Ventures, with participation from a world-class group of investors
- Proceeds to support advancement of FX-909, a first-in-class PPARG inhibitor, into the clinic in 2023, along with continued development of Flare's platform and pipeline of novel transcription factor targets in oncology
CAMBRIDGE, Mass., March 22, 2023 /PRNewswire/ -- Flare Therapeutics Inc., a biotechnology company targeting transcription factors to discover precision medicines for cancer and other diseases, today announced a $123 million Series B financing co-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 (MSK), 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.
"Our investor support is testament to the rapid progress our team has made since launch in advancing the only company focused on rationally designing transcription factor targeting therapies," said Amit Rakhit, M.D., MBA, President and Chief Executive Officer of Flare Therapeutics. "This will be a pivotal year for Flare as we progress our first precision oncology program, FX-909, into the clinic, continue to expand our collection of druggable transcription factor targets, and build a pipeline of potentially first-in-class therapies against genetically validated transcription factor targets for cancer."
Proceeds from the financing will 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.
"Transcription factors have long been viewed as prime therapeutic targets playing a key role in a broad range of diseases, particularly cancers, where they represent one-third of all oncogenes. While targeting transcription factors has the potential for incredible impact, their complex structure makes them notoriously difficult to drug, requiring a new approach and new thinking," said Rob Sims, Ph.D., Co-founder and Chief Scientific Officer of Flare Therapeutics. "From the very beginning, we knew this would require a world-class, cross-disciplinary team to not only think creatively about how to design the platform, but also how to apply translational insights to ensure efficient drug development at scale."
The Flare drug discovery platform is a powerful engine driving the systematic identification of switch sites, or druggable pockets within transcription factor complexes that dictate conformation and function. This is achieved through a broad and comprehensive approach that layers chemoproteomics, functional biochemistry, covalent chemistry and genetic insights to gain a deeper understanding of the structural underpinnings driving transcription factor function, and a proprietary library of compounds designed to modulate transcription factor behavior.
"Flare has taken on one of the most formidable challenges in drug discovery – drugging transcription factors," said Craig D. Gordon, M.D., Founder, Chief Executive Officer and Chief Investment Officer of GordonMD® Global Investments LP. "The company is making impressive strides enabled by its platform, which to date has successfully identified more than 150 switch sites across the majority of transcription factor families, providing opportunities to treat a broad range of diseases."
"We believe Flare's differentiated and comprehensive approach to uncovering, targeting and systematically drugging switch sites on transcription factors may unlock the therapeutic potential of this class of targets, not only in oncology but in other indications as well," said Irena Melnikova, Ph.D., Partner at Pfizer Ventures. "As a member of the board, I look forward to supporting the company in their mission to bring new medicines to patients in need."
About Flare Therapeutics Inc.
Flare Therapeutics is a biotechnology company changing the paradigm in drugging transcription factors with an initial focus in precision oncology. Flare's proprietary engine is 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. For more information, please visit www.flaretx.com.
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SOURCE Flare Therapeutics