Erasca, creating oncology drugs intended to provide precision oncology options, closed on an additional $36 million to bring its Series B financing round to a total of $236 million, the company said Monday.
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New investors to the round included Partner Fund Management and OrbiMed, the company said in a written release. The San Diego-based company began raising its Series B back in April with a $200 million round. That round was led by ARCH Venture Partners and Cormorant Asset Management, and included participation from new investors EDBI, Terra Magnum Capital Partners and Invus.
Including the new funding, Erasca has raised a total of $300 million since the company’s inception in 2018.
Erasca, which draws its name from “erase cancer,” will use the funding to “to support 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 company said. It isn’t clear which types of cancer the company is developing treatments for.
This is Partner Fund Management’s fourth investment this year, according to Crunchbase data. It also invested in companies addressing various aspects of the health care industry, including Shattuck Labs, Pulmonx and Outset Medical. Meanwhile, OrbiMed has made 29 investments, according to Crunchbase data. That includes eight investments in August, the most recent Kinnate Biopharma, another startup fighting difficult-to-treat cancers, which raised a $98 million Series C last week.
Illustration: Dom Guzman