Oric Pharmaceuticals has closed a Series D financing to support the continued development of a clinical-stage, selective and potent glucocorticoid receptor antagonist, ORIC-101.

The company is currently evaluating ORIC-101 in multiple Phase Ib studies, with further plans for one or more Phase II studies.

The latest $55m financing brings the total capital raised by Oric Pharmaceuticals to more than $175m.

Additionally, the company will use the proceeds to advance a second programme into clinical development.

Financing for the studies was led by Arrowmark Partners and Invus Opportunities. Other participants involved include Hartford HealthCare Endowment and Casdin Capital.

The company’s existing investors, including The Column Group, TopSpin Partners, OrbiMed, EcoR1 Capital, Fidelity Management & Research Company, City Hill Ventures, Memorial Sloan Kettering Cancer Center, Kravis Investment Partners, Foresite Capital and Taiho Ventures also participated in the financing round.

Oric Pharmaceuticals CEO Jacob Chacko said: “Over the past year, we have significantly reshaped ORIC’s senior leadership team by recruiting a new CMO, CSO, CBO and SVP of Clinical Development, all of whom have deep expertise in oncology drug discovery and development.

“This stellar team, combined with a strong balance sheet, enable us to advance our pipeline of internally generated programmes. In addition, we are well-positioned to opportunistically and selectively augment our pipeline with external assets that fit within ORIC’s vision and that leverage our team’s expertise.”

The company’s existing or planned Phase Ib studies of ORIC-101 include a combination with Abraxane in patients with solid tumours and with an androgen receptor modulator in metastatic prostate cancer patients.

Furthermore, the investment will support the advancement of Oric’s second programme, an orally available, small-molecule inhibitor of CD73, into clinical development.