California, USA-based biopharmaceutical company pioneering targeted therapies to treat RAS-driven cancers, Quanta Therapeutics, raises USD 50.7 million in Series D financing. The round took place on May 22, 2023. Avidity Partners led the financing for the company. Meanwhile, Sofinnova Investments, Vida Ventures, and Surveyor Capital (a Citadel company) provided the investment. Besides, Longitude Capital, BVF Partners and AbbVie Ventures joined in the funding. New investors such as GC&H Investments (the partner fund of Cooley LLP) and WS Investment Company (Wilson Sonsini’s venture arm) participated in Series D.
So far, the total funds raised by the company amounts to over USD 142 million.
Purpose of financing for Quanta Therapeutics
With the latest financing, the company seeks to advance Quanta’s pipeline. Firstly it targets two chemically distinct allosteric KRAS inhibitors, QTX3034, a multi-KRAS inhibitor, and QTX3046, a G12D-selective KRAS inhibitor. These programs are currently in Investigational New Drug Application (IND)-enabling studies to support anticipated clinical trial initiation in KRAS-driven solid tumour indications in 2024. Secondly, it focuses on a novel RAF1 discovery program. It employs direct allosteric modulation of the active RAS-RAF1 membrane signalling complex to selectively target a broad spectrum of RAS-driven tumours with the potential for kinase-independent synthetic lethality.
Further, it has plans to fuel additional discovery programs with undisclosed targets, including combination partners for Quanta’s lead programs.
What the company’s official has to add
Perry Nisen, MD, PhD, Chief Executive Officer of Quanta Therapeutics, said, “We are pleased to add Avidity Partners to our strong syndicate of high-quality investors. They share our vision for developing next-generation oral KRAS inhibitors with the potential to address mutations beyond G12C. With this additional funding, we will be well positioned to rapidly advance our two lead KRAS programs into the clinic in 2024 and generate proof-of-concept data.”
What the investors have to add
Lei Meng, Senior Therapeutics Analyst at Avidity Partners, said, “Quanta Therapeutics’ team of industry-leading scientists and advisors have developed differentiated platform capabilities. They made tremendous strides in drugging one of the most challenging targets in oncology. We are thrilled to lead the Series D investment. Our team looks forward to working with the Quanta team to bring these important medicines to cancer patients as quickly as possible.”
Maha Katabi, PhD, CFA, General Partner at Sofinnova Investments, further said, “We are excited about the Quanta team’s potential. They can apply their unique allosteric-based approach to the development of small oral molecules for patients with difficult-to-treat KRAS-driven cancers. In the current biotech market, I believe companies who are leading their field with differentiated science and continue to show successful execution will garner strong investor support. In my opinion, Quanta is one of those companies.”
About the company
Cameron Pitt and Joshua Salafsky launched the company in 2018. Quanta strives to develop novel small-molecule cancer medicines by selectively targeting protein-protein interactions that are key to oncogenic RAS activity.
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