ORIC Pharmaceuticals Secures $55 Million Series D Financing to Advance Novel Therapies Targeting Tumor Drug Resistance

On August 9, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that biopharmaceutical company ORIC Pharmaceuticals (ORIC) announced the completion of a $55 million Series D financing round. The round was led by Arrowmark Partners and Invus Opportunities (Invus), with participation from OrbiMed, Foresite Capital, Casdin Capital, Fidelity, and Taiho Ventures.

ORIC plans to use the proceeds from this financing round to develop novel approaches for combating tumor cell drug resistance. The company will also conduct Phase II clinical trials of its oncology therapeutic, ORIC-101, and accelerate preclinical testing of a comparable oral CD73 inhibitor to advance it into clinical development.

It is reported that ORIC had previously completed three rounds of financing. The company closed a $50 million Series C round in February 2018 and a $53 million Series B round in December 2015.

ORIC Pharmaceuticals, established in 2014 and headquartered in California, USA, is a clinical-stage biopharmaceutical company. The company primarily focuses on developing novel therapies to address drug resistance in tumor cells, thereby providing treatment options for patients with recurrent cancer. Although rapidly advancing targeted therapy technologies have significantly improved patient prognosis, cancer often develops resistance to chemotherapeutic agents, leaving patients with recurrence frequently lacking further treatment options.

ORIC’s co-founders are Dr. Charles Sawyers and Dr. Scott Lowe, who lead a world-class oncology team dedicated to exploring novel cancer targets and developing innovative therapies to improve clinical outcomes for patients with recurrent cancer.

ORIC’s lead candidate, ORIC-101, is a glucocorticoid receptor antagonist that counteracts resistance to cancer therapeutics in various solid tumors. The drug is currently undergoing a Phase I clinical trial, in which researchers are evaluating its safety and efficacy in combination with various anticancer agents, including the chemotherapy drug Abraxane (nab-paclitaxel), immune checkpoint inhibitors, and androgen receptor modulators used in the treatment of prostate cancer.

ORIC’s product portfolio also includes CD73, a small-molecule oral inhibitor, as well as other therapeutic agents targeting drug-resistance mechanisms in tumor cells.

Jacob Chacko, CEO of ORIC Pharmaceuticals, stated, “Financial support from existing investors will help us scale our operations and advance the development of oncology therapeutics. Furthermore, ORIC’s leadership team possesses deep technical expertise in oncology drug R&D. We are committed to actively developing oncology drugs such as ORIC-101 to address the challenge of cancer drug resistance.”

Invus, established in 1985 and headquartered in New York, USA, is a venture capital and private equity firm. The company primarily focuses on the biotechnology, medical device, and biopharmaceutical industries. Invus maintains offices in New York, London, Paris, and Hong Kong, with over $4 billion in assets under management.

Arrowmark Partners, a private equity firm founded in 2007 and headquartered in Colorado, USA, has invested in biotechnology and pharmaceutical companies such as 4D Molecular Therapeutics, Orchard Therapeutics, Ascentage Pharma, and SpringWorks Therapeutics.

OrbiMed, founded in 1989 and headquartered in New York, USA, is a venture capital and private equity firm. The company focuses on the healthcare industry and manages approximately $5 billion in assets. OrbiMed operates the Caduceus Private Investments series of venture capital funds.

Foresite Capital, established in 2011 and headquartered in California, USA, is a venture capital and private equity firm. The company primarily focuses on healthcare, artificial intelligence, and life sciences, with approximately $2 billion in assets under management.

Casdin Capital, founded in 2011 and headquartered in New York, USA, is a venture capital and financial services firm. The company primarily provides funding support and strategic guidance to startups in the life sciences and healthcare industries.

Fidelity, founded in 1946 and headquartered in Massachusetts, USA, is a leading private equity and financial services company. The firm invests across multiple industries, including innovative technology, biotechnology, genomics, pharmaceuticals, consumer finance, and travel, and employs tens of thousands of people worldwide.

Taiho Ventures, headquartered in California, USA, is a venture capital firm. The company is dedicated to assisting pharmaceutical companies in new drug research and development.

(Compiled by Xu Xiaoxue)