Revolution Medicines Secures $100 Million Series C Financing to Advance Oncology Pipeline Targeting RAS Pathway

On July 16, 2019, VCBeat (WeChat official account: vcbeat) learned that clinical research company Revolution Medicines announced the completion of a $100 million Series C financing round. The round was led by Boxer Capital, with participation from Cormorant Capital and Vivo Capital, among others. Institutions that participated in the Series B round, such as Nextech Invest, also joined the Series C financing.

This round of financing will be used to continuously advance the drug development pipeline, including addressing complex targets in the RAS pathway, such as the KRAS G12C gene and other specific oncogenic mutations like RAS. Revolution Medicines has completed a total of four funding rounds, raising $226 million.

Revolution Medicines, a biopharmaceutical company headquartered in California, USA, was founded in 2015. The company is developing novel therapies that reconfigure natural substances into best-in-class drugs using complex life chemistry, with optimized compounds demonstrating significant potential as best-in-class candidates. The novel small-molecule inhibitors discovered and developed by Revolution Medicines represent cutting-edge technology in the field of oncology treatment.

“This robust financial support marks an exciting moment for Revolution Medicines, as we advance new programs to address multiple frontier oncology targets within the resilient and adaptive RAS cancer pathway, including our clinical-stage SHP2 inhibitor,” said Dr. Mark A. Goldsmith, President and Chief Executive Officer of Revolution Medicines. “Leveraging our deep insights into RAS pathway biology and differentiated drug discovery, we are at the forefront of developing RAS pathway–centric therapeutics. Our innovation engine enables the creation of sophisticated drug candidates that inhibit protein targets beyond the reach of traditional drug discovery approaches. We believe this will deliver targeted therapies to patients with hard-to-treat cancers.”

Revolution Medicines is advancing multiple innovative programs aimed at inhibiting the oncogenic effects of a broad range of mutants and multiple RAS alleles within the RAS protein family. The most advanced of these programs focuses on KRASG12C (GTP), which has been shown to drive various cancer types, including lung, colorectal, endometrial, and pancreatic cancers. This target has recently become a major focus of attention following the presentation of promising early data on the first-generation KRASG12C inhibitor AMG510 at the 2019 American Society of Clinical Oncology (ASCO) Annual Meeting.

First-generation inhibitors have demonstrated insufficient efficacy, including those presented at the 2019 ASCO Annual Meeting that target the inactive (GDP-bound) state of mutant KRAS. In contrast, Revolution Medicines leverages its proprietary complex drug discovery platform to develop novel second-generation compounds designed to selectively bind and inhibit the active, oncogenic (GTP-bound) forms of various RAS mutants. Preclinical evidence suggests that this mechanism of action confers superior biological properties compared with first-generation inhibitors, potentially offering a significant competitive advantage. The company’s KRASG12C (GTP) program is currently undergoing continuous optimization and advancement.

Boxer Capital is an investment firm under the Tavistock Group, focusing on the biotechnology sector, with nine successful exits including Atreca, Akero Therapeutics, and IDEAYA Biosciences.

Cormorant Capital is an investment firm headquartered in New York, USA. In its early years, it focused heavily on the real estate sector, but in recent years, it has shifted its attention to the biotechnology industry. It invested in BridgeBio and achieved a successful profitable exit.

Vivo Capital, founded in 1997 and headquartered in San Francisco, USA, is an investment firm managing over $1 billion in assets, with a focus on investing in private and public healthcare companies in the United States and Greater China.

Nextech Invest, established in 1998, is a venture capital and private equity firm focused on investing in early-stage, mid-stage, late-stage, and high-growth companies. The company is dedicated to investing in the information technology, biotechnology, and healthcare sectors, with a particular focus on oncology companies developing cancer drugs and diagnostics. It prioritizes investments in life sciences and enabling technologies, emphasizing interdisciplinary technological and scientific projects spanning therapeutics, diagnostics, medical technologies, and services. Nextech Invest seeks to invest in companies across Africa, the Middle East, Asia, and North America, while its European investments include Switzerland, Germany, and neighboring regions.

(Compiled by Fan Xin)