Quanta Therapeutics Announces Oversubscribed $60 Million Series C Financing to Advance Novel RAS-targeting Programs
Series C Financing Led by Surveyor Capital (a Citadel company) and Vida Ventures
Differentiated mechanisms target RAS active conformation across all mutant forms, with potential to circumvent resistance mechanisms experienced with first generation KRAS inhibitors
SAN FRANCISCO, Oct. 26, 2021 (GLOBE NEWSWIRE) -- Quanta Therapeutics, Inc., a privately-held biopharmaceutical company pioneering complex-directed therapies to treat RAS-driven cancer types, today announced that it has successfully closed a $60 Million Series C financing round led by Surveyor Capital (a Citadel company) and Vida Ventures. New investors Longitude Capital and BVF Partners joined existing investors Sofinnova Investments, Logos Capital, AbbVie Ventures, and Vida Ventures (who also led Quanta’s Series B financing round).
"We are thrilled to have this unique opportunity to partner with a high-quality investor base as we merge novel protein structural insights, leading technology in detection of conformational drug activity, and sophisticated medicinal chemistry expertise to develop differentiated therapeutics for the benefit of patients suffering from RAS-driven cancers,” said Perry Nisen, MD, PhD, Quanta Chief Executive Officer. “This influx of capital will allow us to continue advancing rational strategies to expand the breadth and duration of benefit for patients with poor existing options and we look forward to the next chapter of growth for Quanta.”
The company was founded in 2018 by Sofinnova Investments, alongside co-founder and scientific luminary Frank McCormick, PhD, FRS, with the goal to build a platform that allosterically targets previously undruggable driver oncoprotein signaling complexes. Quanta had previously raised $32 Million while in stealth since its inception in 2018. “As all oncogenic forms of RAS undergo conformational change to drive functional effector protein-protein interactions, there was a clear Achilles’ heel in targeting these shared interactions in the active conformation with our platform,” said Cameron Pitt, PhD, Quanta Chief Business Officer & co-founder.
“Founded on compelling science, Quanta’s novel approach has the potential to transform the treatment paradigm for patients with RAS mutations, activated in nearly a third of all human cancers,” said Arjun Goyal, MD, Co-Founder and Managing Director, Vida Ventures. “We are proud to support this experienced and accomplished team of scientists and biotech executives as they advance their bold vision to address this important unmet need for patients globally.”
The Company will use proceeds from this financing round to advance programs targeting RAF1 and KRAS through clinical candidate selection, and IND filing, to reach initial proof-of-concept. Leveraging a differentiated mechanism targeting the active conformation of RAS, the Quanta team believes their unique approach, with applicability across mutant RAS forms, will circumvent resistance mechanisms experienced with first generation inhibitors of KRAS G12C.
About Quanta
Quanta Therapeutics, Inc. is a privately-held biopharmaceutical company focused on first-in-class direct approaches targeting the protein interactions key to oncogenic RAS activity. RAS is the most prevalent and elusive target in oncology. Quanta’s success thus far has driven by their uniquely developed platform, applying Second Harmonic Generation (SHG) optical technology to identify modulators of membrane-protein-complex conformation in real-time drug screening and yielding unparalleled sensitivity to detect change in functional states. The Quanta team has extensive drug development expertise and substantial research experience in the RAS space. Application of unique protein conformation detection technology and medicinal chemistry expertise is anticipated to yield novel small molecules as first-in-class precision medicines designed to address the resistance paradigms of targeted therapy in oncology. Learn more at https://www.quantatx.com/.
Contact information:
Heather Meeks
Quanta Therapeutics, Inc.
661-992-6907
heather.meeks@quantatx.com
