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ORIC Pharmaceuticals Announces $50 Million Series C Financing to Support Novel Therapies for Treatment-Resistant Cancers

ORIC Pharmaceuticals
Posted on: 24 Feb 18

SOUTH SAN FRANCISCO, Calif., Feb. 21, 2018 /PRNewswire/ -- ORIC Pharmaceuticals, a clinical-stage oncology company focused on discovery and development of novel therapies against treatment-resistant cancers, announced the completion of a $50 million Series C preferred stock financing. This financing brings the total equity capital the Company has raised to over $119 million.

New investors in the Series C are Fidelity Management & Research Company, Trinitas Capital, Taiho Ventures, and NS Investment. ORIC's investors also participated in the Series C, including The Column Group, Topspin Fund, OrbiMed, Memorial Sloan Kettering Cancer Center, EcoR1 Capital, Kravis Investment Partners, and Foresite Capital.

Proceeds from the investment will be used to support clinical studies of the Company's lead asset, ORIC-101. ORIC-101 is a potent small molecule inhibitor of the glucocorticoid receptor (GR) and the subject of an ongoing Phase 1 study. The Company plans to further pursue clinical development of ORIC-101 in patients with treatment-resistant solid tumors, in combination with immuno-oncology treatments and with chemotherapy. The investment also will support the Company's research and pipeline programs targeting mechanisms of resistance in cancer.

"Treatment-resistant cancers are a large unmet medical need. With our Series C financing we are very pleased to have both the continued support of our previous investors and expand our investor base with leading investors," said Richard Heyman, Ph.D., CEO and board member of ORIC. "Their support, combined with ORIC's commitment to discovering and developing new therapeutics targeting cancer, allows the company to build on the strong foundation of our co-founders, advisors and internal team, and provides for long-term success."

"The Column Group and all of the investors are excited about the broad potential of ORIC's GR program and the continued work by ORIC's world-class team to address the significant problem of cancer treatment resistance," said Peter Svennilson, founder and managing partner of The Column Group and ORIC Pharmaceuticals Chairman. "The opportunity to combine ORIC-101 with immunotherapy or chemotherapy offers the ability to address mechanisms of cancer resistance and have a positive impact for cancer patients."

ORIC was founded to address the problem of cancer treatment resistance.  Despite significant advances over the past 20 years, for many patients treatments are often ineffective or short-lived, particularly for metastatic solid tumors. Understanding and addressing the biological mechanisms of treatment resistance enables novel treatments that can make existing therapies more effective and ultimately help people with cancer live longer.

About ORIC Pharmaceuticals

ORIC Pharmaceuticals is a clinical-stage oncology company founded by two well-known oncology experts, Charles Sawyers, M.D., and Scott Lowe, Ph.D., who are on the faculty at Memorial Sloan Kettering Cancer Center. Drs. Sawyers and Lowe have done groundbreaking work in cancer treatment resistance, which has resulted in the discovery and development of several novel therapeutics. Richard Heyman, Ph.D., the co-founder of ORIC, was previously co-founder and CEO of Aragon Pharmaceuticals (acquired by Johnson & Johnson after developing ARN509, now apalutamide (Erleada™) and approved for treatment of patients with nonmetastatic castration-resistant prostate cancer) and CEO of Seragon Pharmaceuticals (acquired by the Roche Group after focusing on development of drugs targeting hormone-dependent breast cancer).

The Company has a strong leadership team which includes Richard Heyman, Ph.D., as CEO, Valeria Fantin, Ph.D., as CSO, and Leonard Reyno, M.D., as CMO.  ORIC is headquartered in South San Francisco, California.

For more information, please contact:
Krys Corbett
650-388-5622
190715@email4pr.com 
http://oricpharma.com/

Editor's Details

Mike Wood
PharmiWeb.com
www.pharmiweb.com
editor@pharmiweb.com

Last updated on: 24/02/2018

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