Black Diamond Therapeutics Secures $85 Million Series B Financing to Advance Precision Oncology Therapies Targeting Allosteric Mutations

VCBeat (WeChat Official Account: vcbeat) has learned from foreign media that Black Diamond Therapeutics, a cancer treatment company based in New York, USA, recently completed an $85 million Series B financing round. This round of financing came less than one month after the previous round.

It is reported that this round of financing was led by New Enterprise Associates and RA Capital Management, with participation from NexTech Invest, Invus Group, Perceptive Advisors, and Versant Ventures. Black Diamond Therapeutics will use the proceeds to accelerate the development of its pipeline and expand its MAP platform for the precise identification of oncogenic mutations.

Black Diamond Therapeutics is a pharmaceutical company developing precision cancer therapies. The company has developed a unique oncology treatment platform based on “allosteric mutants,” dedicated to providing precise anticancer drugs for every cancer patient.

Black Diamond Therapeutics was co-founded in 2017 by Dr. David M. Epstein and Dr. Elizabeth Buck. Dr. David M. Epstein serves as the Chief Executive Officer of Black Diamond Therapeutics, with a research focus on the interactions between RNA splicing and tumor cells. He recently established the Duke-NUS Centre for Technology and Development (CTeD) in Singapore, where he spearheaded a series of innovative projects and completed the development of two products and seven spin-off products.

Dr. Elizabeth Buck has 15 years of R&D experience in oncology treatment and holds more than 40 patents. She discovered the role of “allosteric mutations” in the activation of oncogenes and made significant contributions to the development of Black Diamond Therapeutics’ MAP platform.

Oncogenes may be activated through two mechanisms: “kinase domain mutations” and “allosteric mutations.” Currently, research has been conducted based on the principle of “kinase domain mutations,” but anticancer therapies targeting “allosteric mutations” remain largely understudied.

Allosteric mutations primarily occur distal to the enzyme’s active site, activating tumor drivers and inactivating tumor suppressors by inducing large-scale conformational changes.

Black Diamond Therapeutics’ proprietary MAP platform enables research on “allosteric mutations.” It first identifies mutations, then analyzes how allosteric mutations drive oncogenesis (Allostery), and finally designs anticancer drugs based on protein pharmacology (Protein Pharmacology). Black Diamond Therapeutics’ MAP drug discovery platform is currently developing five therapeutics targeting oncogenic allosteric mutants, with the lead candidate targeting HER2 allosteric mutations preparing for an Investigational New Drug (IND) application.

Black Diamond Therapeutics’ R&D Pipeline (Image Source: Official Website)

“Black Diamond Therapeutics is bringing precision targeted therapy to cancer.” Following this financing round, Ali Behbahan, M.D., of NEA, joined the Board of Directors of Black Diamond, alongside Dr. Rajeev Shah of RA Capital. Dr. Shah stated, “Black Diamond’s approach to precision oncology offers a new therapeutic paradigm for cancer patients.”

Black Diamond Therapeutics has raised a total of $105 million in funding, with its Series A round completed on December 12, 2018, exclusively invested by Versant Ventures.

Versant Ventures is a leading healthcare investment firm in the United States, founded in 1999. Versant Ventures invests in healthcare companies at various financing stages, helping them operate and develop new therapies. To date, Versant Ventures has completed 40 mergers and acquisitions, assisted 34 companies in completing their initial public offerings (IPOs), and manages $3 billion in assets.

New Enterprise Associates is a leading firm in the global venture capital industry. Founded in 1977, it primarily invests in the information technology and healthcare sectors. Currently managing over $6 billion in capital, NEA has invested in more than 500 companies to date, with 145 achieving successful initial public offerings and 185 being merged or acquired.

RA Capital Management, founded in 2001, is a venture capital firm based in Massachusetts, USA, primarily investing in the life sciences and drug development sectors. The team comprises professionals with training in biology, chemistry, and medicine, who possess extensive experience in industry operations and business development.

NexTech Invest, founded in 1998 and headquartered in Zurich, Switzerland, is a venture capital firm dedicated to investing in the information technology, biotechnology, and healthcare sectors. The company primarily invests in companies across Africa, Asia, North America, and parts of Europe, with investment amounts per round ranging from CHF 1 million (USD 930,000) to CHF 5 million (USD 4.7 million).

Invus is a venture capital firm founded in 1985, with offices in New York, Paris, and Hong Kong. Invus selects portfolio companies based on three dimensions: strategic insight, exceptional execution, and capital, while helping each company achieve performance goals and undergo transformation. The firm manages $8 billion in assets, has distributed billions of dollars to its investors, and has completed more than 60 investments to date.

Perceptive Advisors is a privately owned hedge fund sponsor headquartered in New York, USA. The firm invests in global public equity markets, primarily employing long/short equity strategies as a hedging technique, while also investing in companies within the biotechnology and life sciences sectors.