San Diego-based cancer treatment startup Erasca raised $200 million in a new round of funding, the company announced Monday.
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The Series B round was led by ARCH Venture Partners and Cormorant Asset Management, and included participation from new investors EDBI, Terra Magnum Capital Partners and Invus, according to a statement from the company.
Erasca, which draws its name from “erase cancer,” will use the funding to “to support the clinical development of multiple promising oncology programs 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.
“Unfortunately, millions of people still suffer from cancer daily,” CEO Dr. Jonathan Lim said in the statement. “At Erasca, we are doing everything we can to help these patients live longer and healthier lives by taking an aggressive long-term approach to tackling this disease with leading-edge science and world-class talent. We are immensely grateful to have new and existing shareholders who embrace our mission to erase cancer.”
The Series B round is large; $200 million is a lot of capital for such a young company. But it’s important to note that drug development isn’t a cheap endeavor, so companies taking on such a task need a lot of capital for research.
Erasca now has more than $260 million in funding, and its other backers include Andreesseen Horowitz and City Hill Ventures, according to Crunchbase.
Illustration Credit: Li-Anne Dias
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