Oncology company ORIC Pharmaceuticals has completed a $50m Series C preferred stock financing to support advancement of its ORIC-101 against treatment-resistant solid tumours, as well as continued progress on mechanisms of resistance in cancer.

With the new financing, the total equity capital raised by the company has increased to more than $119m.

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Fidelity Management & Research Company, Trinitas Capital, Taiho Ventures, and NS Investment are the new investors in the Series C.

The company’s investors, including The Column Group, Topspin Fund, OrbiMed, Memorial Sloan Kettering Cancer Center, EcoR1 Capital, Kravis Investment Partners, and Foresite Capital also participated in the financing.

ORIC-101, the company’s lead asset, is a potent small-molecule inhibitor of the glucocorticoid receptor (GR) and the subject of an ongoing Phase I trial.

“With our Series C financing we are very pleased to have both the continued support of our previous investors and expand our investor base with leading investors.”

ORIC Pharmaceuticals CEO and board member Richard Heyman said: “Treatment-resistant cancers are a large unmet medical need. With our Series C financing we are very pleased to have both the continued support of our previous investors and expand our investor base with leading investors.

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“Their support, combined with ORIC’s commitment to discovering and developing new therapeutics targeting cancer, allows the company to build on the strong foundation of our co-founders, advisors and internal team, and provides for long-term success.”

The company also plans to pursue clinical development of the inhibitor in patients with treatment-resistant solid tumours combining with immuno-oncology treatments and chemotherapy.

ORIC also plans to use the investment to support its research and pipeline programmes that target mechanisms of resistance in cancer.