Third Rock cancer startup Revolution Medicines scores $100M in fresh raise
Having swallowed fellow Third Rock-backed Warp Drive Bio’s oncology pipeline and wooed Sanofi $SNY on as a partner, Redwood City-based biotech Revolution Medicines has raised $100 million in a fresh round of funding.
In 2017, the startup Revolution shed its antifungal ambitions and reinvented itself as an oncology company. And in 2018, the company raised $56 million in a venture round aimed at moving its first experimental therapy into the clinic.
The drug, RMC-4630, is a small molecule that inhibits the activity of SHP2, a protein that plays a central role in modulating cell growth signaling activity through the RAS pathway. RAS — including KRAS, HRAS, and NRAS — is a family of genes that make proteins involved in cell signaling pathways that control cell growth and cell death. Mutated forms of the RAS gene may be implicated in some types of cancer.
The molecule is being developed in collaboration with Sanofi and is currently in a Phase I/II program being evaluated in a range of tumor types. In addition, Revolution is developing an arsenal of inhibitors of other key oncology targets within the notorious RAS pathway.
In an interview with Endpoints News last year, Revolution chief Mark Goldsmith suggested RMC-4630 has the potential to stall — or even shrink — the tumor itself, and also neutralize the immune-suppressive environment in which the tumor thrives.
In this new capital injection, Revolution was supported by a syndicate of investors led by Boxer Capital of the Tavistock Group and joined by Cormorant Capital, Deerfield Management, Fidelity Management & Research Company, Vivo Capital and Biotechnology Value Fund, as well as all Series B investors, including Nextech Invest, Schroder Adveq, The Column Group, Third Rock Ventures and Casdin Capital.
Social image: Mark Goldsmith, Revolution