Erasca raises an additional $36 million in Series B funding round to treat and erase cancer
Erasca, a San Diego, Californa-based biotech startup that has its mission embedded in its name (erase cancer), today announced it has closed an additional $36 million of its Series B funding round to finance the clinical development of multiple promising oncology programs, continue driving corporate development efforts and further advance the company’s in-house drug discovery pipeline. The round, which brings the total round to $236 million, was backed by news investors including Partner Fund Management and OrbiMed.
Founded in 2018 by Jonathan Lim, Erasca is a developer of oncology drugs intended to provide precision oncology options. Its drugs are being developed through multiple discovery programs for undisclosed targets that are biological drivers of cancer and are pursuing additional opportunities for pipeline expansion through academic and biopharmaceutical collaborations, providing patients with new potential solutions to not just treat but cure cancer. Since its inception, Erasca has raised $300 million in financing from investors including ARCH Venture Partners, City Hill Ventures, and Cormorant Asset Management.
“Erasca is honored to welcome Partner Fund Management and OrbiMed as partners in our bold mission of erasing cancer,” said Jonathan E. Lim, M.D., Erasca’s chairman, CEO, and co-founder. “We are doing everything we can to help patients live longer and healthier lives. Because cancer is such a formidable foe, we are grateful to have the support of our new and existing investors to tackle this terrible disease.”
The company has assembled a robust pipeline of precision therapies directed at undisclosed targets through in-house drug discovery as well as active pipeline expansion via collaborations with world-class academic and biopharmaceutical organizations.
“Erasca has demonstrated impressive progress in less than two years since its founding,” said Mark Karvosky, a partner at Partner Fund Management. “The company’s portfolio of potentially first-in-class and best-in-class assets will target significant unmet medical needs across multiple cancer types. We are excited to support this team and its programs, as Erasca strives to deliver practice-changing precision oncology therapies.”