On December 19, 2019 FORMA Therapeutics, Inc., a clinical stage biopharmaceutical company focused on rare hematologic diseases and cancers, reported the closing of $100 million Series D financing (Press release, Forma Therapeutics, DEC 19, 2019, View Source [SID1234552504]). The financing was led by RA Capital Management, with participation from Cormorant Asset Management, Wellington Management, Samsara BioCapital and funds managed by Janus Henderson Investors, as well as an undisclosed healthcare investment fund.
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"This financing reflects our sharpened focus on serving patients with rare hematologic diseases and cancers," said Frank Lee, chief executive officer of FORMA Therapeutics. "In the last month, we have presented important proof of mechanism and differentiating clinical data for our programs in sickle cell disease, glioma, AML and NASH. We are energized by the commitment from this group of leading industry investors as we move into 2020, another critical year with multiple clinical data readouts and a new program entering the clinic."
"We are impressed with FORMA’s seamless transformation over the past year, moving from an early discovery engine to a clinical-stage, asset-focused company," said Peter Kolchinsky, Ph.D., managing partner of RA Capital Management and new FORMA board member. "We feel fortunate to be able to come together with our peers to capitalize FORMA’s development of what we believe are several best-in-class molecules. While there are already many programs in development to help patients with sickle cell disease and the cancers we are targeting, FORMA’s candidates represent a unique and likely complementary contribution to the future armamentarium, which is important both for patients and strategically for FORMA."
Financing proceeds will support the ongoing clinical development of FT-4202, FORMA’s pyruvate kinase-R (PKR) activator in clinical development as a potential disease-modifying therapy for sickle cell disease (SCD). Data presented at the 2019 American Society of Hematology (ASH) (Free ASH Whitepaper) Annual Meeting confirm that FT-4202 activates PKR with a simultaneous effect on hemoglobin oxygen affinity and adenosine triphosphate (ATP) levels, and it was safe and well-tolerated in healthy subjects. A Phase 1/2 study is currently enrolling patients with sickle cell disease.
The funding will also support FORMA’s deep pipeline, including FT-7051, a novel and potent selective inhibitor of CBP/p300 binding to DNA for androgen receptor-driven cancers, also being investigated for its potential in AR-v7 mCRPC; olutasidenib, a next generation inhibitor of mutated isocitrate dehydrogenase 1 (IDH1m) in development to treat gliomas, relapsed/refractory acute myeloid leukemia (R/R AML), myelodysplastic syndrome (MDS) and other IDH1m solid tumors; and progress on a variety of preclinical programs.