Endeavor BioMedicines has raised $101m in a Series B funding round to advance its clinical-stage precision medicine pipeline.
Ally Bridge Group and Avidity Partners led the financing round with new investors including Perceptive Advisors, Piper Heartland Healthcare Capital and Revelation Partners among others taking part.
Furthermore, current investors Omega Funds and Longitude Capital also made investments.
As part of the funding, Andrew Lam from Ally Bridge Group and Monal Mehta from Avidity Partners will be appointed to the board.
Endeavor intends to use the funds for advancing its pipeline programmes, which include ENV-101 (taladegib) and ENV-201.
An orally available, small-molecule inhibitor of the PTCH1 receptor in the Hedgehog signalling pathway, ENV-101 is being developed to treat cancer and idiopathic pulmonary fibrosis (IPF).
The company stated that ENV-101 was found to have greater clinical efficacy and safety in approximately 200 participants enrolled on six already concluded studies.
Precision therapy methods for ENV-101 in various PTCH1- driven cancer types and in IPF are being analysed by the company.
ENV-201 is a small molecule ULK1/2 inhibitor to treat KRAS-driven cancers.
The clinical-stage biotechnology company anticipates concluding investigational new drug (IND)-enabling trials and progress the programme into the clinic in 2023.
Endeavor BioMedicines co-founder, CEO and chairman John Hood said: “Endeavor BioMedicines is developing precision medicines targeting the genetic culprits of cancer and fibrosis.
“Researchers have investigated Hedgehog and ULK1 signalling pathways over the last decade, but now we have the understanding and capability to identify the patients who will benefit most from them.
“The capital raised from a committed, top-tier investor syndicate enables us to deliver the right drug to the right patients in order to get the best clinical outcome.”