REDWOOD CITY, Calif.--(BUSINESS WIRE)--Biomea Fusion, Inc., a precision oncology company dedicated to developing innovative medicines targeting genomically defined alterations in both hematologic and solid cancers, announced the closing of a $56 million Series A financing today. The syndicate is led by Cormorant Asset Management with participation from Boxer Capital of Tavistock Group, Janus Henderson Investors, Rock Springs Capital, RTW Investments, LP, Aisling Capital, Point Sur Investors, Logos Capital and Clifton Capital.
Proceeds from the financing will support Biomea Fusion to bring its irreversible menin inhibitor into the clinic to produce first-in-human data for a variety of tumor types. Furthermore, the company will continue preclinical work in two additional irreversible programs and advance them into IND enabling studies. Biomea Fusion will also expand its core research team, enhancing both pre-clinical and clinical capabilities.
“Our mission is to advance treatment for the many cancer patients with defined alterations by delivering an innovative medicine that specifically and permanently binds to the problematic target. As we have seen from the successes of other irreversible inhibitors, this is an elegant way to provide deep, and potentially durable, drug effects for cancer patients with limited current options,” said Thomas Butler, co-founder and Chief Executive Officer of Biomea Fusion. “We are extremely humbled by this support to advance our very exciting menin program into the clinic and produce first-in-human data in patients with liquid and solid tumors, as well as expand our irreversible drug development program. With this financing, we are one step closer to bringing innovative targeted therapies to cancer patients worldwide.”
Ramses Erdtmann, co-founder and President of Biomea Fusion, added, “Since 2017, when we started our early preclinical work, we were driven by the idea of developing patient-friendly therapies that are targeted and will lead to higher and longer lasting responses in cancer patients. With our first program, an irreversible menin inhibitor, we are pursuing a target that is highly relevant to growth of many tumor types. This is research worth doing and I am proud of the team we have assembled so far; bringing together very experienced new and former colleagues to Biomea to help drive our mission forward and our programs into the clinic.”
About Biomea Fusion
Biomea Fusion is a privately held precision medicine company with a mission to revolutionize drug development to create more effective therapies for cancer patients. The company was founded by a team of experienced drug developers to build a platform of irreversible inhibitors. Biomea Fusion has a development portfolio that targets specific gene mutations which occur in the DNA of patients that translate into key drivers of tumor growth. It is Biomea’s goal to move these potentially breakthrough medicines swiftly through the development process and deliver highly impactful treatments for patients in need. The lead program targets the protein-to-protein interaction between menin and the MLL complex for the treatment of various tumors. This program is currently in IND enabling studies and is planned to enter the clinic in the second half of 2021. For more information, please visit www.biomeafusion.com and follow us on LinkedIn.