New exec team, new money and a big syndicate — ORIC heads to PhII
Bay Area biotech ORIC Pharmaceuticals has scored a fresh $55 million raise to back its push into Phase II studies for its glucocorticoid receptor antagonist ORIC-101. The money comes just 18 months after a $50 million C round.
The cash is being used to field a slate of new studies for solid tumors, with combos using Abraxane and an androgen receptor modulator for prostate cancer. And there’s an oral small molecule inhibitor of CD73 to steer into Phase I as well.
ORIC has now raised more than $175 million altogether, and the executive team brought together a big syndicate for this one: Arrowmark Partners and Invus Opportunities joined Hartford HealthCare Endowment, Casdin Capital, and others in the new investor column. Also participating were ORIC’s existing investors, including The Column Group, TopSpin Partners, OrbiMed, EcoR1 Capital, Fidelity Management & Research Company, City Hill Ventures, Memorial Sloan Kettering Cancer Center, Kravis Investment Partners, Foresite Capital, and Taiho Ventures.
The management team at ORIC, meanwhile, has undergone a thorough shake out.
“Over the past year, we have significantly reshaped ORIC’s senior leadership team by recruiting a new CMO, CSO, CBO, and SVP of Clinical Development, all of whom have deep expertise in oncology drug discovery and development,” noted CEO Jacob Chacko, who joined a little more than a year ago.
Co-founder Richard Heyman, who knows a thing or two about modulating androgen receptors, is chairman of the board.
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