On May 2, 2024 BridgeBio Pharma, Inc. (Nasdaq: BBIO) ("BridgeBio" or the "Company"), a commercial-stage biopharmaceutical company focused on genetic diseases and cancers, reported the completion of a $200M private financing of its former subsidiary, TheRas, Inc. d/b/a BridgeBio Oncology Therapeutics (BBOT), to accelerate the development of its oncology portfolio (Press release, BridgeBio, MAY 2, 2024, View Source [SID1234642579]). The oversubscribed financing was led by Cormorant Asset Management and co-led by Omega Funds with participation from affiliates of Deerfield Management, GV (Google Ventures), EcoR1 Capital, Wellington Management, Enavate Sciences, Surveyor Capital (a Citadel company), Aisling Capital, Casdin Capital, and Longwood Fund.
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BBOT will be advancing three initial programs:
BBO-8520, a direct inhibitor of KRASG12C that binds to both the ON and OFF states of the protein; BBOT is currently enrolling patients in the ONKORAS-101 trial for patients with KRASG12C mutant non-small cell lung cancer
BBO-10203, a PI3Kα:RAS breaker that blocks the specific interaction between RAS and PI3Ka to inhibit PI3Kα / AKT effector signaling in tumors while bypassing glucose metabolic signaling to avoid hyperglycemia; BBOT expects to file an Investigational New Drug application (IND) for BBO-10203 in Q2 2024 and, subject to clearance of the IND, will begin enrolling patients later this year
BBO-11818, a pan-KRAS inhibitor that targets both the ON and OFF states of KRASG12X for which BBOT expects to file an IND in early 2025
In addition to these assets, BBOT will continue to undertake a robust discovery-stage research program focused on targeting additional oncogenic drivers within the RAS and PI3K pathways.
BridgeBio Oncology Therapeutics will be led by Eli Wallace, PhD, as CEO and Pedro Beltran, PhD, as CSO. "We are excited to progress our portfolio of novel small molecules to treat patients suffering from RAS pathway malignancies. In conjunction with BridgeBio and an amazing suite of investors, we look forward to seeing all three of our programs progress into the clinic over the next 12 months," said Dr. Wallace.
The Board of Directors of BBOT will be chaired by Frank McCormick, PhD, David A. Wood Distinguished Professor of Tumor Biology and Cancer Research at UCSF and advisor to the National Cancer Institute’s RAS Initiative at Frederick National Laboratory for Cancer Research. Raymond Kelleher, MD, PhD, Managing Director, Cormorant Asset Management, Michelle Doig, Partner, Omega Funds, and Neil Kumar, PhD, CEO of BridgeBio, will serve as directors.
"I’m thrilled to partner with BridgeBio and this stellar investor syndicate to advance BBOT’s unique portfolio of precision oncology assets targeting RAS-driven cancers," said lead investor Raymond Kelleher, MD, PhD, of Cormorant Asset Management. "BBOT’s innovative chemical biology approaches to inhibit a wide spectrum of KRAS mutations in both the "on" and "off" states, as well as bypass mechanisms exploiting PI3K signaling, promise to transform the treatment of this important class of cancers."
"We are very excited about BBOT’s pipeline of potential first-in-class assets and to join a team of world class experts in RAS-driven malignancies, who we believe are positioned to have significant positive impact on cancer patients and build stakeholder value," added Michelle Doig from Omega Funds.