FORMA Therapeutics Secures $100M Series D Financing to Advance Transformative Therapies for Rare Hematologic Diseases and Cancers

VCBeat (WeChat ID: vcbeat) learned from foreign media that on December 19, 2019, local time, FORMA Therapeutics, a clinical-stage biopharmaceutical company, announced the completion of a $100 million Series D financing round. The round was led by RA Capital Management, with participation from Cormorant Asset Management, Wellington Management, Samsara BioCapital, Janus Henderson Investors, and an undisclosed healthcare investment fund.

FORMA Therapeutics, founded in 2008 and headquartered in Maine, USA, is a clinical-stage biopharmaceutical company dedicated to the discovery, development, and commercialization of transformative therapies for rare blood disorders and cancers. Following this round of financing, FORMA Therapeutics’ total funding will reach $142.5 million.

The proceeds from this round of financing will be used to support the continued clinical development of the company’s lead candidate, FT-4202 (FORMA’s pyruvate kinase R (PKR) activator), which has the potential to serve as a disease-modifying therapy for sickle cell disease (SCD). Data presented by FORMA Therapeutics at the 2019 American Society of Hematology (ASH) Annual Meeting confirmed that FT-4202 activates PKR while affecting hemoglobin oxygen affinity and adenosine triphosphate (ATP) levels, and demonstrated favorable safety and tolerability in healthy subjects. Its Phase 1/2 study is currently enrolling patients with sickle cell disease.

The funding will also be used to support FORMA Therapeutics’ product pipeline, which includes FT-7051 and olutasidenib. FT-7051 is a novel, potent, and selective inhibitor that blocks the binding of CBP/p300 to DNA for the treatment of androgen receptor-driven cancers. FORMA Therapeutics is currently investigating its potential in AR-V7-positive metastatic castration-resistant prostate cancer (mCRPC). Another pipeline asset, olutasidenib, is a next-generation inhibitor of mutant isocitrate dehydrogenase 1 (IDH1m) for the treatment of IDH1m solid tumors such as glioma, relapsed/refractory acute myeloid leukemia (R/R AML), and myelodysplastic syndromes (MDS).

Frank Lee, CEO of FORMA Therapeutics, stated, “We have been committed to serving patients with rare blood disorders and cancers. Last month, we delivered important proof-of-mechanism and differentiated clinical data for our programs in sickle cell disease, glioma, acute myeloid leukemia (AML), and non-alcoholic steatohepatitis (NASH). We are excited by the recognition from industry-leading investment groups.”

Dr. Peter Kolchinsky, Managing Partner at RA Capital Management, said, “We are impressed by FORMA Therapeutics’ seamless transformation over the past year from an early-stage discovery engine into a clinical-stage, asset-centric company. We are fortunate to partner with FORMA Therapeutics on this journey. While there are many programs in development to help patients with sickle cell disease and the cancers we target, FORMA Therapeutics’ drug candidates hold unique significance for the industry’s advancement.”

RA Capital Management, founded in 2001 and headquartered in Massachusetts, USA, is a venture capital firm focused on investing in the life sciences and drug development sectors.

Wellington Management, founded in 1928 and headquartered in Massachusetts, USA, is an independent investment management firm primarily investing in early-stage ventures, late-stage ventures, and private equity.

(Compiled by He Li)