On January 12, 2021 Scorpion, which focuses on "precision medicine" for cancer, reported it has completed a $162 million funding round, bringing the biotech’s total venture haul to about $270 million (Press release, Scorpion Therapeutics, JAN 12, 2021, View Source [SID1234573949]). It’s a large amount for a new company that so far has kept much of its work under wraps, and a sign that the region’s early-stage biotech industry is vibrant, despite the pandemic.

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"This will allow us to accelerate nearly all aspects of the business," said Gary Glick, Scorpion’s chief executive, who pointed out the oversubscribed round brought on 11 new investors.

Glick said the company would announce its first medicine candidate this year, with plans to begin clinical trials in 2022. While he declined to provide an update on how many other drugs the company has in development, Glick said the new funding could help Scorpion support multiple clinical trial programs.

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Scorpion is aiming to tackle cancer in three ways. It wants to make better medicines for known cancer mutations, which could spare healthy tissue and limit side effects, develop medicines for cancer targets previously dismissed as "undruggable," and discover new ones. Scorpion has plans to commercialize its own drugs, Glick said, instead of partnering with pharmaceutical giants.